Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Sep. 30, 2013 | Nov. 04, 2013 | Nov. 04, 2013 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Registrant Name | 'BBX CAPITAL CORPORATION | ' | ' |
Entity Central Index Key | '0000921768 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 16,208,088 | 195,045 |
Consolidated_Statements_Of_Fin
Consolidated Statements Of Financial Condition (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and interest bearing deposits in banks ($6,937 and $6,615 in Variable Interest Entity ("VIE")) | $25,347 | $62,873 |
Loans held for sale ($12,922 and $20,052 in VIE) | 16,150 | 24,748 |
Loans receivable, net of allowance for loan losses of $4,792 and $5,311 ($129,052 and $242,506, net of allowance of $3,838 and $4,003 in VIE) | 175,989 | 292,562 |
Investments in Woodbridge Holdings, LLC | 80,519 | ' |
Real estate owned ($40,793 and $21,997 in VIE) | 88,125 | 82,161 |
Properties and equipment, net ($12,669 and $0 in VIE) | 13,625 | 1,096 |
Other assets ($1,389 and $5,038 in VIE) | 9,353 | 7,263 |
Total assets | 409,108 | 470,703 |
Liabilities: | ' | ' |
BB&T preferred interest in FAR, LLC ($110,646 and $196,877 in VIE) | 110,646 | 196,877 |
Notes payable to Woodbridge Holdings, LLC | 11,750 | ' |
Notes payable | 10,441 | 10,301 |
Other liabilities ($14,280 and $13,603 in VIE) | 24,271 | 23,201 |
Total liabilities | 157,108 | 230,379 |
Commitments and contingencies (Note 10) | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued and outstanding | ' | ' |
Additional paid-in capital | 344,456 | 331,097 |
Accumulated deficit | -92,616 | -90,930 |
Total stockholders' equity | 252,000 | 240,324 |
Total liabilities and stockholders' equity | 409,108 | 470,703 |
Class A Common Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Common Stock | 158 | 155 |
Class B Common Stock [Member] | ' | ' |
Stockholders' Equity: | ' | ' |
Common Stock | $2 | $2 |
Consolidated_Statements_Of_Fin1
Consolidated Statements Of Financial Condition (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, except Share data, unless otherwise specified | ||||
Loans held for sale | $16,150 | $24,748 | ||
Loans receivable | 175,989 | 292,562 | ||
Loans receivable, allowance for loan losses | 4,792 | 5,311 | ||
Real estate owned | 88,125 | 82,161 | ||
Property and equipment, net | 13,625 | 1,096 | ||
Other assets | 9,353 | 7,263 | ||
BB&T preferred interest in FAR | 110,646 | 196,877 | ||
Other liabilities | 24,271 | 23,201 | ||
Preferred stock, par value | $0.01 | $0.01 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Class A Common Stock [Member] | ' | ' | ||
Common stock, par value | $0.01 | $0.01 | ||
Common stock, shares authorized | 25,000,000 | 25,000,000 | ||
Common stock, shares issued | 15,778,088 | 15,577,464 | ||
Common stock, shares outstanding | 15,778,088 | 15,577,464 | ||
Class B Common Stock [Member] | ' | ' | ||
Common stock, par value | $0.01 | $0.01 | ||
Common stock, shares authorized | 1,800,000 | 1,800,000 | ||
Common stock, shares issued | 195,045 | 195,045 | ||
Common stock, shares outstanding | 195,045 | 195,045 | ||
Variable Interest Entity [Member] | ' | ' | ||
Cash and due from banks | 6,937 | 6,615 | ||
Loans held for sale | 12,922 | 20,052 | ||
Loans receivable | 129,052 | 242,506 | ||
Loans receivable, allowance for loan losses | 3,838 | 4,003 | ||
Real estate owned | 40,793 | 21,997 | ||
Property and equipment, net | 12,669 | 0 | ||
Other assets | 1,389 | [1] | 5,038 | [1] |
BB&T preferred interest in FAR | 110,646 | 196,877 | ||
Other liabilities | $14,280 | $13,603 | ||
[1] | Included in other assets as of September 30, 2013 and December 31, 2012 was $0.8 million and $3.4 million of tax certificates, net of allowance of $0.6 million and $3.6 million, respectively. |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Interest income | $2,541 | $4,236 | $7,959 | $19,858 |
Income from unconsolidated companies | ' | 42 | ' | 281 |
Net gains on the sales of assets | 912 | 492 | 5,162 | 956 |
Other | 1,502 | 155 | 2,387 | 251 |
Total Revenues | 4,955 | 4,925 | 15,508 | 21,346 |
Expenses: | ' | ' | ' | ' |
BB&T's priority return in FAR distributions | 783 | 1,040 | 2,702 | 1,040 |
Interest expense | 336 | 1,402 | 839 | 9,695 |
Provision for (reversals of) loan losses | -4,433 | 257 | -3,502 | -1,135 |
Employee compensation and benefits | 3,224 | 6,669 | 9,659 | 16,197 |
Occupancy and equipment | 470 | 627 | 1,201 | 4,486 |
Professional fees | 2,526 | 1,843 | 5,895 | 11,279 |
Asset impairments (reversals) | -73 | 1,649 | 5,069 | 4,477 |
Other | 2,590 | 2,342 | 6,936 | 7,742 |
Total expenses | 5,423 | 15,829 | 28,799 | 53,781 |
Equity earnings in Woodbridge Holdings, LLC | 8,183 | ' | 11,625 | ' |
Income (loss) from continuing operations before income taxes | 7,715 | -10,904 | -1,666 | -32,435 |
Provision (benefit) for income taxes | 20 | -12,512 | 20 | -12,511 |
Income (loss) from continuing operations | 7,695 | 1,608 | -1,686 | -19,924 |
Income from discontinued operations | ' | 290,227 | ' | 285,244 |
Provision for income taxes | ' | 14,773 | ' | 14,773 |
Income from discontinued operations, Total | ' | 275,454 | ' | 270,471 |
Net income (loss) | $7,695 | $277,062 | ($1,686) | $250,547 |
Basic earnings (loss) per share | ' | ' | ' | ' |
Continuing operations | $0.49 | $0.10 | ($0.11) | ($1.27) |
Discontinued operations | ' | $17.49 | ' | $17.23 |
Basic earnings (loss) per share | $0.49 | $17.59 | ($0.11) | $15.96 |
Diluted loss per share | ' | ' | ' | ' |
Continuing operations | $0.47 | $0.10 | ($0.11) | ($1.27) |
Discontinued operations | ' | $17.49 | ' | $17.23 |
Diluted earnings (loss) per share | $0.47 | $17.59 | ($0.11) | $15.96 |
Basic weighted average number of common shares outstanding | 15,806,836 | 15,748,113 | 15,799,315 | 15,702,660 |
Diluted weighted average number of common and common equivalent shares outstanding | 16,525,013 | 15,748,113 | 15,799,315 | 15,702,660 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net income (loss) | $7,695 | $277,062 | ($1,686) | $250,547 |
Other comprehensive loss, net of tax: | ' | ' | ' | ' |
Unrealized income on securities available for sale, net of tax | ' | -75 | ' | -659 |
Net realized loss from settlement of defined benefit plan (less income tax benefit of $2,222) | ' | 22,428 | ' | 22,428 |
Net realized (gain) on securities available for sale (less income tax benefit of $39) | ' | -1,384 | ' | -1,384 |
Reclassification adjustments | ' | 21,044 | ' | 21,044 |
Other comprehensive income, net of tax | ' | 20,969 | ' | 20,385 |
Comprehensive income (loss) | $7,695 | $298,031 | ($1,686) | $270,932 |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' |
Net realized loss from settlement of defined benefit plan, income tax benefit | $2,222 | $2,222 |
Net realized (gain) on securities available for sale, income tax benefit | $39 | $39 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' (Deficit) Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
In Thousands | |||||
BALANCE at Dec. 31, 2011 | $156 | $329,995 | ($326,692) | ($20,385) | ($16,926) |
Net income (loss) | ' | ' | 250,547 | ' | 250,547 |
Other comprehensive income | ' | ' | ' | 20,385 | 20,385 |
Share based compensation expense | 1 | 722 | ' | ' | 723 |
BALANCE at Sep. 30, 2012 | 157 | 330,717 | -76,145 | ' | 254,729 |
BALANCE at Dec. 31, 2012 | 157 | 331,097 | -90,930 | ' | 240,324 |
Net income (loss) | ' | ' | -1,686 | ' | -1,686 |
Investment in Woodbridge Holdings, LLC | ' | 13,337 | ' | ' | 13,337 |
Retirement of Calss A common shares | -1 | -1,646 | ' | ' | -1,647 |
Share based compensation expense | 4 | 1,668 | ' | ' | 1,672 |
BALANCE at Sep. 30, 2013 | $160 | $344,456 | ($92,616) | ' | $252,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements Of Cash Flows [Abstract] | ' | ' |
Net cash (used in) provided by operating activities | ($7,057) | $14,379 |
Investing activities: | ' | ' |
Proceeds from redemption of tax certificates | 1,967 | 25,660 |
Purchase of tax certificates | -31 | -2,073 |
Proceeds from sales of tax certificates | 928 | ' |
Proceeds from maturities of securities available for sale | ' | 13,916 |
Proceeds from maturities of interest bearing deposits | 496 | 5,655 |
Proceeds from sales of securities available for sale | ' | 32 |
Redemptions of FHLB stock | ' | 9,980 |
Net repayments of loans | 83,380 | 322,050 |
Proceeds from the sales of loans transferred to held for sale | 1,100 | 1,000 |
Additions to real estate owned | ' | -2,501 |
Proceeds from sales of real estate owned | 25,226 | 24,944 |
Purchases of office property and equipment | -76 | -343 |
Proceeds from the sale of office properties and equipment | ' | 1,168 |
Net cash outflow from sale of BankAtlantic | ' | -1,242,931 |
Investment in real estate joint venture | -1,300 | ' |
Investments in Woodbridge Holdings, LLC | -60,404 | ' |
Return of Woodbridge Holdings, LLC investment | 4,972 | ' |
Net cash provided by (used in) investing activities | 56,258 | -843,443 |
Financing activities: | ' | ' |
Net increase in deposits | ' | 178,831 |
Repayment of BB&T preferred interest in FAR, LLC | -86,231 | -76,014 |
Net cash (used in) provided by financing activities | -86,231 | 102,817 |
Decrease in cash and cash equivalents | -37,030 | -726,247 |
Cash and cash equivalents at the beginning of period | 62,377 | 764,636 |
Cash and cash equivalents at end of period | 25,347 | 38,389 |
Cash paid (received) for: | ' | ' |
Interest on borrowings and deposits | 3,394 | 60,767 |
Income tax payments (refund) | 20 | -1,053 |
Supplementary disclosure of non-cash investing and financing activities: | ' | ' |
Assumption of TruPS obligation by BB&T | ' | 285,000 |
Retirement of Class A Common Stock in connection with share based compensation withholding tax obligation | 1,647 | ' |
Loans and tax certificates transferred to REO | 30,855 | 30,994 |
Loans transferred to property and equipment | 12,834 | ' |
Tax certificates transferred to tax certifiates held for sale | 494 | ' |
Note payable issued in connection with the investment in Woodbridge Holdings, LLC | 11,750 | ' |
Increase in additional paid-in-capital associated with the investment in Woodbridge Holdings, LLC | 13,337 | ' |
Loans receivable transferred to loans held-for-investment | 1,312 | 14,185 |
Loans receivable transferred to loans held-for-sale | ' | $35,209 |
Presentation_Of_Interim_Financ
Presentation Of Interim Financial Statements | 9 Months Ended |
Sep. 30, 2013 | |
Presentation Of Interim Financial Statements [Abstract] | ' |
Presentation Of Interim Financial Statements | ' |
1. Presentation of Interim Financial Statements | |
Basis of Financial Statement Presentation – BBX Capital Corporation is referred to herein as the “Parent Company” or “BBX Capital” and, together with its subsidiaries, is referred to as “the Company”, “we”, “us,” or “our”. BBX Capital was organized under the laws of the State of Florida in 1994. We are a Florida-based company, involved in the ownership, financing, acquisition, development and management of real estate and real estate related assets, and we are also involved in the investment in or acquisition of operating businesses. In addition, we anticipate engaging in joint venture arrangements with developers for residential and commercial development projects in which BBX Capital funds its equity investment in the real estate joint ventures through cash investments or by contributing real estate properties to a venture. | |
In April 2013, BBX Capital acquired a 46% equity interest in Woodbridge Holdings, LLC (“Woodbridge”). Woodbridge’s principal asset is its ownership of Bluegreen Corporation and its subsidiaries (“Bluegreen”). Bluegreen is a vacation ownership company with 170,000 owners and over 61 owned or managed resorts. BFC Financial Corporation (“BFC”), the controlling shareholder of the Company, owns the remaining 54% of Woodbridge. In October 2013, a joint venture entity owned 81% by BBX Capital and 19% by BFC acquired substantially all of the assets and certain liabilities of Renin Corp (“Renin”). Renin manufactures interior closet doors, wall décor, hardware and fabricated glass products and operates through headquarters in Canada and four current manufacturing, assembly and distribution facilities in Canada, the United States and the United Kingdom (see Note 2 Acquisitions). | |
On May 7, 2013, BBX Capital entered into a definitive merger agreement (the “Merger Agreement”) with BFC and BBX Merger Sub, LLC, a newly formed wholly owned subsidiary of BFC (“Merger Sub”). The Merger Agreement provides for BBX Capital to merge with and into Merger Sub (the “Merger”), with Merger Sub continuing as the surviving company of the Merger and a wholly owned subsidiary of BFC. Under the terms of the Merger Agreement, which has been approved by a special committee comprised of the Company’s independent directors (the “Special Committee”) as well as the full boards of directors of both BFC and the Company, the Company’s shareholders (other than BFC and shareholders of the Company who exercise and perfect their appraisal rights in accordance with Florida law) will be entitled to receive 5.39 shares of BFC’s Class A Common Stock in exchange for each share of the Company’s Class A Common Stock that they hold at the effective time of the Merger (as such exchange ratio may be adjusted in accordance with the terms of the Merger Agreement, the “Exchange Ratio”). Each option to acquire shares of the Company’s Class A Common Stock that is outstanding at the effective time of the Merger, whether or not then exercisable, will be converted into an option to acquire shares of BFC’s Class A Common Stock and be subject to the same terms and conditions as in effect at the effective time of the Merger, except that the number of shares which may be acquired upon exercise of the option will be multiplied by the Exchange Ratio and the exercise price of the option will be divided by the Exchange Ratio. In addition, each share of the Company’s Class A Common Stock subject to a restricted stock award outstanding at the effective time of the Merger will be converted into a restricted share of BFC’s Class A Common Stock and be subject to the same terms and conditions as in effect at the effective time of the Merger, except that the number of shares subject to the award will be multiplied by the Exchange Ratio. Consummation of the Merger is subject to certain closing conditions, including, without limitation, the approval of BFC’s and the Company’s respective shareholders, BFC’s Class A Common Stock being approved for listing on a national securities exchange (or interdealer quotation system of a registered national securities association) at the effective time of the Merger, holders of not more than 10% of the Company’s Common Stock exercising appraisal rights, and the absence of any “Material Adverse Effect” (as defined in the Merger Agreement) with respect to either the Company or BFC. | |
The Company has two classes of common stock, Class A Common Stock and Class B Common Stock. Holders of the Class A common stock are entitled to one vote per share, which in the aggregate represents 53% of the combined voting power of the Class A common stock and the Class B common stock. Class B common stock represents the remaining 47% of the combined vote. BFC currently owns 100% of the Company’s Class B common stock and 52% of the Company’s outstanding Class A common stock, which represents 52% of the Company’s aggregate outstanding common stock and 72% of the voting power of the Company’s common stock. | |
BBX Capital’s principal asset until July 31, 2012 was its investment in BankAtlantic and its subsidiaries (“BankAtlantic”). BankAtlantic was a federal savings bank headquartered in Fort Lauderdale, Florida and provided traditional retail banking services and a wide range of commercial banking products and related financial services through a broad network of community branches located in Florida. On July 31, 2012, BBX Capital completed the sale to BB&T Corporation (“BB&T”) of all of the issued and outstanding shares of capital stock of BankAtlantic (the stock sale and related transactions described below are collectively referred to as the “BB&T Transaction”). | |
Pursuant to the terms of the BB&T Transaction, BankAtlantic formed BBX Capital Asset Management, LLC (“CAM”) and Florida Asset Resolution Group, LLC (“FAR”). BankAtlantic contributed to FAR certain performing and non-performing loans, tax certificates and real estate owned that had an aggregate carrying value on BankAtlantic’s Consolidated Statement of Financial Condition of approximately $346 million as of July 31, 2012 (the date the BB&T Transaction was consummated). FAR assumed all liabilities related to these assets. BankAtlantic also contributed $50 million of cash to FAR on July 31, 2012. Prior to the closing of the BB&T Transaction, BankAtlantic distributed all of the membership interests in FAR to the Company. At the closing of the BB&T Transaction, the Company transferred to BB&T 95% of the outstanding preferred membership interests in FAR in connection with BB&T’s assumption of the Company’s then outstanding trust preferred securities (“TruPS”) obligations. The Company continues to hold the remaining 5% of FAR’s preferred membership interests. BB&T will hold its 95% preferred interest in the net cash flows of FAR until such time as it has recovered $285 million in preference amount plus a priority return of LIBOR + 200 basis points per annum on any unpaid preference amount. At that time, BB&T’s interest in FAR will terminate, and the Company will thereafter own 100% of FAR through its ownership of FAR’s Class R units. The Company entered into an incremental $35 million guarantee in BB&T’s favor to further assure BB&T’s recovery of the $285 million preferred interest within seven years. At September 30, 2013, BB&T’s preferred interest in FAR was approximately $110.6 million. | |
Prior to the closing of the BB&T Transaction, BankAtlantic contributed to CAM certain non-performing commercial loans, commercial real estate owned and previously written-off assets that had an aggregate carrying value on BankAtlantic’s Consolidated Statement of Financial Condition of $125 million as of July 31, 2012. CAM assumed all liabilities related to these assets. BankAtlantic also contributed $82 million of cash to CAM on July 31, 2012. Prior to the closing of the BB&T Transaction, BankAtlantic distributed all of the membership interests in CAM to the Company. CAM remains a wholly-owned subsidiary of the Company. | |
BankAtlantic’s historical Community Banking, Investment, Capital Services and Tax Certificate reporting units are reflected as “Discontinued Operations” in the Company’s unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2012. The Company has continued to service and manage and may originate commercial loans following the sale of BankAtlantic to BB&T. As a result, the historical operations for BankAtlantic’s commercial lending reporting unit are included in the Company’s unaudited Consolidated Statement of Operations as continuing operations for the three and nine months ended September 30, 2012. The Consolidated Statement of Stockholders’ Equity, Consolidated Statements of Comprehensive Income and Consolidated Statement of Cash Flows remain unchanged from the historical presentation for the nine months ended September 30, 2012. | |
The Company’s consolidated financial statements have been prepared on a going concern basis, which reflects the realization of assets and the repayments of liabilities in the normal course of business. | |
Included in cash and due from banks in the Company’s Consolidated Statement of Financial Condition as of December 31, 2012 was $0.5 million of time deposits with other banks. These time deposits had original maturities of greater than 90 days and accordingly are not considered cash equivalents. | |
All significant inter-company balances and transactions have been eliminated in consolidation. Throughout this document, the term “fair value” in each case is an estimate of fair value as discussed herein. | |
In management's opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) as are necessary for a fair statement of the Company's consolidated financial condition at September 30, 2013, the consolidated results of operations and consolidated statement of comprehensive income for the three and nine months ended September 30, 2013 and 2012, and the consolidated stockholders' equity and cash flows for the nine months ended September 30, 2013 and 2012. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of results of operations that may be expected for the subsequent interim period during 2013 or for the year ended December 31, 2013. The consolidated financial statements and related notes are presented as permitted by Form 10-Q and should be read in conjunction with the consolidated financial statements appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2012. | |
Certain amounts for prior years have been reclassified to conform to the revised financial statement presentation for 2013. | |
Subsequent Events - In June 2013, CAM entered into a settlement agreement with respect to litigation between CAM and Daniel S. Catalfumo and certain members of his family and affiliated entities (collectively, “Catalfumo”) relating to the Company’s lending relationship with Catalfumo. The agreement was amended on October 21, 2013. Pursuant to the terms of the amended settlement agreement, Catalfumo has agreed to pay CAM $30 million in cash plus accrued interest, of which $22 million was paid to the Company on November 4, 2013 and the remaining $8 million payment plus accrued interest is anticipated to be repaid during the fourth quarter of 2013 and is due no later than April 10, 2014. Catalfumo also agreed to transfer to CAM certain properties with an aggregate carrying value of $10.3 million as of September 30, 2013. The receipt by the Company of the $22 million cash payment will result in a gain of approximately $22 million in the 2013 fourth quarter. Commencing on December 3, 2013, any portion of the remaining $8 million not paid accrues interest at 24.95% per annum. There is no assurance that Catalfumo will make the remaining agreed upon payments and transfers in accordance with the terms of the amended settlement agreement. If Catalfumo does not comply with the terms of the settlement agreement CAM would proceed with its litigation against Catalfumo. | |
On October 8, 2013, the Company granted 430,000 restricted shares of Class A common stock (“RSA”) to certain of its executive officers under the 2005 Restricted Stock and Option Plan. The grant date fair value was calculated based on the closing price of the Company’s Class A common stock on the grant date. The RSAs cliff vest on October 8, 2017 and had a fair value of $13.33 per share at the grant date. | |
In November 2013, FAR entered into a settlement agreement with a borrower providing for the payment of $23.3 million by a borrower in satisfaction of the borrower’s loan obligations. The recorded investment on these loan obligations was $12.4 million as of September 30, 2013. The agreement requires the borrower to pay the funds to FAR during the fourth quarter of 2013. However, there is no assurance that the borrower will make the agreed upon payment at the time or in the amount required by the settlement agreement, if at all. Any receipt of funds by FAR would be utilized to pay FAR’s operating expenses and pay down the preferred membership interests in FAR in accordance with the terms of FAR’s operating agreement. | |
Acquisitions
Acquisitions | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Acquisitions [Abstract] | ' | |||||
Acquisitions | ' | |||||
2. Acquisitions | ||||||
On April 2, 2013, the Company invested $71.75 million in Woodbridge in exchange for a 46% equity interest in Woodbridge. The investment was made in connection with Woodbridge’s acquisition on April 2, 2013 of the publicly held shares of Bluegreen. BFC holds the remaining 54% of Woodbridge’s outstanding equity interests. The Company’s investment in Woodbridge consisted of $60.4 million in cash (including $0.4 million in transaction costs) and a promissory note in Woodbridge’s favor in the principal amount of $11.75 million (the “Note”). The Note has a term of five years, accrues interest at a rate of 5% per annum and requires the Company to make payments of interest only on a quarterly basis during the term of the Note, with all outstanding amounts being due and payable at the end of the five-year term. In connection with the Company’s investment in Woodbridge, the Company and BFC entered into an Amended and Restated Operating Agreement of Woodbridge, which sets forth the Company’s and BFC’s respective rights as members of Woodbridge and provides, among other things, for unanimity on certain specified “major decisions” and for distributions to be made on a pro rata basis in accordance with the Company’s and BFC’s percentage equity interests in Woodbridge. | ||||||
The Company’s investment in Woodbridge is accounted for under the equity method. Under the equity method, an investment is shown on the Statement of Financial Condition of an investor as a single amount and an investor’s share of earnings or losses from its investment is shown in the Statement of Operations as a single amount. The investment is initially measured at cost and adjusted for the investor’s share of the earnings or losses of the investee as well as dividends received from the investee. The investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend. | ||||||
The Company’s investment in Woodbridge was accounted for as a transaction between entities under common control as BFC is the controlling shareholder of the Company and Woodbridge. As a consequence, the investment in Woodbridge was recorded by the Company at BFC’s historical costs and the difference between 46% of BFC’s historical cost in Woodbridge ($85.1 million) and the amount the Company invested in Woodbridge ($71.75 million) was recognized as an increase in additional paid-in capital ($13.34 million) in the Company’s financial statements. | ||||||
The following are the components of the Company’s initial investment in Woodbridge and the adjustments to the investment in Woodbridge under the equity method for the three months ended September 30, 2013 and from the date of the investment (April 2, 2013) through September 30, 2013 (in thousands). | ||||||
For the Three | From April 2, 2013 | |||||
Months Ended | Through | |||||
30-Sep-13 | 30-Sep-13 | |||||
Cash to Woodbridge | $ | - | 60,404 | |||
Note payable to Woodbridge | - | 11,750 | ||||
Increase in additional paid-in capital | - | 13,337 | ||||
Investment in Woodbridge - Beginning of period | 80,140 | 85,491 | ||||
Equity earnings in Woodbridge | 8,183 | 11,625 | ||||
Dividends received from Woodbridge | -7,804 | -16,597 | ||||
Investment in Woodbridge - September 30, 2013 | $ | 80,519 | 80,519 | |||
The following is Woodbridge’s summarized Consolidated Statements of Operations for the three months ended September 30, 2013 and from April 2, 2013 through September 30, 2013: | ||||||
Woodbridge Holdings, LLC | ||||||
Consolidated Statements of Operations - Unaudited | ||||||
(In thousands) | ||||||
For the Three | From April 2, 2013 | |||||
Months Ended | Through | |||||
30-Sep-13 | 30-Sep-13 | |||||
Revenues: | ||||||
Total revenues | $ | 148,281 | 280,157 | |||
Costs and expenses: | ||||||
Total costs and expenses | 115,420 | 230,801 | ||||
Other income | 388 | 746 | ||||
Income from continuing operations before taxes | 33,249 | 50,102 | ||||
Provision for income taxes | -11,532 | -17,072 | ||||
Income from continuing operations | 21,717 | 33,030 | ||||
Discontinued operations: | ||||||
Loss from discontinued operations, net of taxes | -192 | -270 | ||||
Net income | 21,525 | 32,760 | ||||
Net income attributable to noncontrolling interest | -3,735 | -7,487 | ||||
Net income attributable to Woodbridge | 17,790 | 25,273 | ||||
BBX Capital equity interest in Woodbridge | 46% | 46% | ||||
Equity earnings in Woodbridge | $ | 8,183 | 11,625 | |||
During April 2013, FAR acquired two climate controlled storage facilities located in Fort Lauderdale, Florida in connection with the foreclosure of loans secured by these properties. FAR decided to retain and, with BBX Capital’s assistance, manage these facilities and upon foreclosure recorded the facilities in properties and equipment in the Company’s Statement of Financial Condition measured at an estimated aggregate fair value of $12.8 million. | ||||||
On October 30, 2013, a newly formed joint venture entity owned 81% by the Company and 19% by BFC acquired, through two newly formed subsidiaries (collectively, the “Purchasers”), substantially all of the assets and certain liabilities of Renin Corp (“Renin”) for approximately $14.6 million (the “Renin Transaction Consideration”). The Renin Transaction Consideration is subject to adjustment, based on the verification of Renin’s working capital as of the closing and certain post-closing indemnities. Bluegreen funded approximately $9.4 million of the Renin Transaction Consideration in the form of a loan and revolver facility to the Purchasers. The Purchasers are seeking to refinance the Bluegreen facilities with an unrelated third party, although the Purchasers may not be successful in doing so. The remainder of the Renin Transaction Consideration was funded $4.2 million by BBX Capital and $1.0 million by BFC pro rata in accordance with their percentage equity interests. At closing, $1.7 million of the Renin Transaction Consideration was placed in an escrow account pending final determination of the working capital adjustment (if any) and final resolution of any indemnification obligations of Renin. | ||||||
Renin manufactures interior closet doors, wall décor, hardware and fabricated glass products and operates through headquarters in Canada and four current manufacturing, assembly and distribution facilities in Canada, the United States and the United Kingdom. The acquired assets include inventory, trade accounts receivable, property, plant and equipment and intellectual property and other intangible assets with an estimated carrying value, subject to adjustment, of $23 million. The liabilities assumed were generally those related to the Renin’s ordinary course business operations and certain accrued employee benefits. Additionally, the Purchasers offered employment to Renin’s current employees on substantially the same terms as in effect prior to the closing. | ||||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Discontinued Operations [Abstract] | ' | |||||
Discontinued Operations | ' | |||||
3. Discontinued Operations | ||||||
BankAtlantic’s five reporting units each reflected a component of the BankAtlantic entity and was the lowest level for which cash flows could be clearly distinguished, operationally and for financial reporting purposes. These five components were Community Banking, Commercial Lending, Tax Certificates, Investments, and Capital Services. Based on the terms of the sale of BankAtlantic to BB&T, the Company determined that the Community Banking, Investments, Capital Services and Tax Certificates reporting units should be treated as discontinued operations. The Company sold all operations and the majority of the assets and liabilities of these discontinued reporting units to BB&T upon consummation of the BB&T Transaction on July 31, 2012. Management does not intend to continue in any material respect any activities of or have any continuing involvement with these reporting units. Although certain assets of the Commercial Lending reporting unit were sold to BB&T, the Company has continued Commercial Lending reporting unit activities resulting in the Company including the Commercial Lending reporting unit in continuing operations in the Company’s Statements of Operations. | ||||||
Pursuant to the sale to BB&T, in addition to certain assets associated with the Company’s continuing Commercial Lending reporting unit, FAR also retained certain assets and liabilities that were associated with the Company’s disposed reporting units (Community Banking, Tax Certificates, Investments, and Capital Services reporting units). The Company determined that the ongoing cash flows relating to the retained assets of the disposed reporting units expected in future periods were not significant relative to the historical cash flows from the activities of each reporting unit; therefore, the income and expenses associated with the disposed reporting units are reported in discontinued operations for the three and nine months ended September 30, 2012. The results of operations and cash flows associated with the retained assets associated with the disposed reporting units were included in continuing operations for the three and nine months ended September 30, 2013. | ||||||
The income from Community Banking, Investments, Capital Services and Tax Certificates reporting units included in discontinued operations for the three and nine months ended September 30, 2012 was as follows (in thousands): | ||||||
For the Three | For the Nine | |||||
Months Ended | Months Ended | |||||
30-Sep-12 | 30-Sep-12 | |||||
Net interest income | $ | 5,235 | 37,384 | |||
Provision for loan losses | 1,865 | 18,383 | ||||
Net interest income after | ||||||
provision for loan losses | 3,370 | 19,001 | ||||
Gain on sale of BankAtlantic | 290,642 | 290,642 | ||||
Total non-interest income | 4,978 | 37,235 | ||||
Total non-interest expense (1) | 8,763 | 61,634 | ||||
Income from discontinued operations | ||||||
before provision for income taxes | 290,227 | 285,244 | ||||
Provision for income taxes | 14,773 | 14,773 | ||||
Income from discontinued operations | $ | 275,454 | 270,471 | |||
(1) General corporate overhead was allocated to continuing operations. | ||||||
Variable_Interest_Entity_FAR
Variable Interest Entity - FAR | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Variable Interest Entity - FAR [Abstract] | ' | |||
Variable Interest Entity - FAR | ' | |||
4. Variable Interest Entity - FAR | ||||
In consideration for BB&T assuming the Company’s $285.4 million in principal amount of TruPS, BB&T received from the Company at the closing of the BB&T Transaction a 95% preferred membership interest in the net cash flows of FAR until such time as it has recovered $285 million in preference amount plus a priority return of LIBOR + 200 basis points per annum. At that time, BB&T’s interest in FAR will terminate, and the Company, which initially holds a 5% preferred membership interest in the net cash flows of FAR, will thereafter own 100% of FAR. The Company provided BB&T with an incremental $35 million guarantee to further assure BB&T’s recovery of the $285 million preference amount within seven years. At September 30, 2013, BB&T’s preferred interest in FAR had been reduced to approximately $110.6 million. | ||||
The Company’s variable interests in FAR include its 5% preferred membership interest in the cash flows of FAR, rights to 100% ownership of FAR, and the incremental $35 million guarantee in favor of BB&T. The Company also services approximately $15.9 million of FAR’s commercial loans, $12.7 million of FAR’s properties and equipment and $9.7 million of FAR’s real estate owned. The Company has a right of first refusal to acquire certain FAR commercial loans. It can also purchase certain commercial loans on a basis established in FAR’s operating agreement. | ||||
The Company determined that it was the primary beneficiary of FAR and therefore should consolidate FAR in its financial statements. This conclusion was based primarily on the determination that the Company has the right to receive any appreciation of the assets of FAR through its rights to the residual cash flows of FAR and has the obligation to absorb losses as well as its obligation under the incremental $35 million guarantee to BB&T assuring the repayment of BB&T’s preferred interest in FAR. Also contributing to the Company’s determination that it was the primary beneficiary of FAR was its ability to direct the activities relating to the commercial loans that it services, its ability to purchase certain commercial loans, and its right of first refusal in connection with the disposition of certain commercial loans. | ||||
BB&T’s preferred equity interest in FAR only entitles it to a $285 million preference amount plus the related priority return. Based on the amended and restated limited liability company agreement, FAR is required to make quarterly distributions, or more frequently as approved by FAR’s Board of Managers, of excess cash flows from its operations and the orderly disposition of its assets to redeem the preferred membership interests in FAR. As such, the Class A units, which represent the preferred interest in FAR, are considered mandatorily redeemable and are reflected as debt obligations in the Company’s Consolidated Statement of Financial Condition and the priority return is considered interest expense in the Company’s Consolidated Statements of Operations. | ||||
The activities of FAR are governed by the amended and restated limited liability company agreement which grants the Board of Managers management authority over FAR. The Board has four members, two members elected by the Company and two members elected by BB&T. Any action on matters before the Board requires three of the members’ approval. BB&T members will resign from the Board upon the full redemption of its preferred interest in FAR. | ||||
The carrying amount of the assets and liabilities of FAR and the classification of these assets and liabilities in the Company’s Consolidated Statements of Financial Condition was as follows (in thousands): | ||||
September 30, | December 31, | |||
2013 | 2012 | |||
Cash and interest bearing deposits in banks | $ | 6,937 | 6,615 | |
Loans held for sale | 12,922 | 20,052 | ||
Loans receivable, net | 129,052 | 242,506 | ||
Real estate owned | 40,793 | 21,997 | ||
Office properties and equipment | 12,669 | - | ||
Other assets (1) | 1,389 | 5,038 | ||
Total assets | $ | 203,762 | 296,208 | |
BB&T preferred interest in FAR, LLC | $ | 110,646 | 196,877 | |
Other liabilities | 14,280 | 13,603 | ||
Total liabilities | $ | 124,926 | 210,480 | |
(1) Included in other assets as of September 30, 2013 and December 31, 2012 was $0.8 million and $3.4 million of tax certificates, net of allowance of $0.6 million and $3.6 million, respectively. | ||||
Until BB&T’s preference amount is repaid, the proceeds from the monetization of FAR’s assets are restricted to payments of expenses, including the priority return and estimated working capital requirements of FAR, and the repayment of FAR’s preferred membership interests. FAR currently anticipates making distributions at least quarterly. The Company will receive 5% of such distributions. FAR finances its activities through revenues from principal and interest payments received on, and the monetization of, its assets. | ||||
The Company’s maximum loss exposure in FAR if all of FAR’s assets were deemed worthless would have been $114 million as of September 30, 2013, consisting of $79 million of net assets plus the $35 million incremental guarantee. | ||||
Liquidity_Considerations
Liquidity Considerations | 9 Months Ended |
Sep. 30, 2013 | |
Liquidity Considerations [Abstract] | ' |
Liquidity Considerations | ' |
5. Liquidity Considerations | |
The Company’s cash was $18.4 million at September 30, 2013. This does not include $6.9 million of cash held in FAR. The Company had $9.1 million of current liabilities as of September 30, 2013. The Company’s principal source of liquidity is its cash holdings, funds obtained from payments on and sales of its loans, loan payoffs, sales of real estate owned, income from income producing real estate, and distributions received from FAR and Woodbridge. While FAR is consolidated in the Company’s financial statements, the cash held in FAR and generated from its assets will be used primarily to pay FAR’s operating expenses and to pay BB&T’s 95% preferred membership interest and the related priority return and will generally not be available for distribution to the Company. The balance of BB&T’s preferred membership interest in FAR was approximately $110.6 million at September 30, 2013. Based on current and expected liquidity needs and sources, the Company expects to be able to meet its liquidity needs over the next twelve months. | |
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Fair Value Measurement [Abstract] | ' | ||||||
Fair Value Measurement | ' | ||||||
6. Fair Value Measurement | |||||||
There were no assets or liabilities measured at fair value on a recurring basis in the Company’s financial statements as of September 30, 2013 or December 31, 2012. | |||||||
The following table presents major categories of assets measured at fair value on a non-recurring basis as of September 30, 2013 (in thousands): | |||||||
Fair Value Measurements Using | |||||||
Quoted prices in | |||||||
Active Markets | Significant | Significant | Total | ||||
for Identical | Other Observable | Unobservable | Impairments (1) | ||||
September 30, | Assets | Inputs | Inputs | For the Nine | |||
Description | 2013 | (Level 1) | (Level 2) | (Level 3) | Months Ended | ||
Loans measured for | |||||||
impairment using the fair value | |||||||
of the underlying collateral | $ | 24,154 | - | - | 24,154 | 4,565 | |
Impaired real estate owned | 48,803 | - | - | 48,803 | 2,287 | ||
Impaired loans held for sale | 12,922 | - | - | 12,922 | 925 | ||
Total | $ | 85,879 | - | - | 85,879 | 7,777 | |
-1 | Total impairments represent the amount of losses recognized during the nine months ended September 30, 2013 on assets that were held and measured at fair value on a non-recurring basis as of September 30, 2013. | ||||||
Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured on a non-recurring basis is as follows (dollars in thousands): | |||||||
As of September 30, 2013 | Fair | Valuation | Unobservable | ||||
Description | Value | Technique | Inputs | Range (Average) (1) | |||
Loans measured for | |||||||
impairment using the fair value | |||||||
of the underlying collateral | $ | 24,154 | Fair Value of Collateral | Appraisal | $0.1 - 9.0 million (0.4 million) | ||
Impaired real estate owned | 48,803 | Fair Value of Property | Appraisal | $0.1 - 12.0 million (1.9 million) | |||
Impaired loans held for sale | 12,922 | Fair Value of Collateral | Appraisal | $0.1 - 2.2 million (0.4 million) | |||
Total | $ | 85,879 | |||||
(1) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. | |||||||
The following table presents major categories of assets measured at fair value on a non-recurring basis as of September 30, 2012 (in thousands): | |||||||
Fair Value Measurements Using | |||||||
Quoted prices in | |||||||
Active Markets | Significant | Significant | Total | ||||
for Identical | Other Observable | Unobservable | Impairments (1) | ||||
September 30, | Assets | Inputs | Inputs | For the Three | |||
Description | 2012 | (Level 1) | (Level 2) | (Level 3) | Months Ended | ||
Impaired loans using the fair value | |||||||
of the underlying collateral | $ | 60,492 | - | - | 60,492 | 4,869 | |
Impaired real estate owned | 36,494 | - | - | 36,494 | 4,302 | ||
Impaired loans held for sale | 16,559 | - | - | 16,559 | 1,097 | ||
Total | $ | 113,545 | - | - | 113,545 | 10,268 | |
(1) Total impairments represent the amount of losses recognized during the nine months ended September 30, 2012 on assets that were held and measured at fair value on a non-recurring basis as of September 30, 2012. | |||||||
Quantitative information about significant unobservable inputs within Level 3 on major categories of assets measured on a non-recurring basis is as follows (dollars in thousands): | |||||||
As of September 30, 2012 | Fair | Valuation | Unobservable | ||||
Description | Value | Technique | Inputs | Range (Average) (1) | |||
Impaired loans using the | |||||||
fair value of the underlying collateral | $ | 60,492 | Fair Value of Property | Appraisal | $0.3 - 4.6 million (3.4 million) | ||
Impaired real estate owned | 36,494 | Fair Value of Property | Appraisal | $0.1 - 7.8 million (2.6 million) | |||
Impaired loans held for sale | 16,559 | Fair Value of Collateral | Appraisal | $0.3 - 4.3 million (2.4 million) | |||
Total | $ | 113,545 | |||||
(1) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. | |||||||
Loans Measured For Impairment | |||||||
Impaired loans are generally valued based on the fair value of the underlying collateral less cost to sell. The fair value of our loans may significantly increase or decrease based on changes in property values as our loans are primarily secured by real estate. The Company primarily uses third party appraisals to assist in measuring non-homogenous impaired loans. These appraisals generally use the market or income approach valuation technique and use market observable data to formulate an opinion of the fair value of the loan’s collateral. However, the appraiser uses professional judgment in determining the fair value of the collateral or properties, and we may also adjust these values for changes in market conditions subsequent to the appraisal date. When current appraisals are not available for certain loans, we use our judgment on market conditions to adjust the most current appraisal. The sales prices may reflect prices of sales contracts not closed, and the amount of time required to sell out the real estate project may be derived from current appraisals of similar projects. The Company generally recognizes impairment losses on homogenous loans based on third party broker price opinions or automated valuation services when impaired homogenous loans become 120 days delinquent. These third party valuations from real estate professionals also use Level 3 inputs in determining fair values. The observable market inputs used to fair value loans include comparable property sales, rent rolls, market capitalization rates on income producing properties, risk adjusted discounts rates and foreclosure timeframes and exposure periods. As a consequence, the calculation of the fair value of the collateral is considered Level 3 inputs. | |||||||
Impaired Real Estate Owned | |||||||
Real estate owned is generally valued using third party appraisals or broker price opinions. These appraisals generally use the market approach valuation technique and use market observable data to formulate an opinion of the fair value of the properties. The market observable data typically consists of comparable property sales, rent rolls, market capitalization rates on income producing properties and risk adjusted discount rates. However, the appraisers or brokers use professional judgments in determining the fair value of the properties and we may also adjust these values for changes in market conditions subsequent to the valuation date. As a consequence of using appraisals, broker price opinions and adjustments to appraisals, the fair values of the properties are considered Level 3 inputs. | |||||||
Loans Held for Sale | |||||||
Loans held for sale are valued using an income approach with Level 3 inputs as market quotes or sale transactions of similar loans are generally not available. The fair value is estimated by discounting forecasted cash flows, using a discount rate that reflects the risks inherent in the loans held for sale portfolio. For non-performing loans held for sale, the forecasted cash flows are based on the estimated fair value of the collateral less cost to sell adjusted for foreclosure expenses and other operating expenses of the underlying collateral until foreclosure or sale. | |||||||
Financial Disclosures about Fair Value of Financial Instruments | |||||||
Fair Value Measurements Using | |||||||
Carrying | Quoted prices in | ||||||
Amount | Fair Value | Active Markets | Significant | Significant | |||
As of | As of | for Identical | Other Observable | Unobservable | |||
(in thousands) | September 30, | September 30, | Assets | Inputs | Inputs | ||
Description | 2013 | 2013 | (Level 1) | (Level 2) | (Level 3) | ||
Financial assets: | |||||||
Cash and interest bearing | |||||||
deposits in banks | $ | 25,347 | 25,347 | 25,347 | - | - | |
Loans receivable including loans held for sale, net | 192,139 | 208,736 | - | - | 208,736 | ||
Financial liabilities: | |||||||
Notes payable | 10,441 | 11,585 | - | - | 11,585 | ||
Note Payable Woodbridge | 11,750 | 11,414 | - | - | 11,414 | ||
BB&T preferred interest in FAR | 110,646 | 111,747 | - | - | 111,747 | ||
Fair Value Measurements Using | |||||||
Carrying | Quoted prices in | ||||||
Amount | Fair Value | Active Markets | Significant | Significant | |||
As of | As of | for Identical | Other Observable | Unobservable | |||
(in thousands) | December 31, | December 31, | Assets | Inputs | Inputs | ||
Description | 2012 | 2012 | (Level 1) | (Level 2) | (Level 3) | ||
Financial assets: | |||||||
Cash and interest bearing | |||||||
deposits in other banks | $ | 62,873 | 62,873 | 62,873 | - | - | |
Loans receivable including loans held for sale, net | 317,310 | 316,075 | - | - | 316,075 | ||
Financial liabilities: | |||||||
Notes payable | 10,301 | 10,301 | - | - | 10,301 | ||
BB&T preferred interest in FAR | 196,877 | 201,099 | - | - | 201,099 | ||
Management has made estimates of fair value that it believes to be reasonable. However, because there is no active market for many of these financial instruments, management has derived the fair value of the majority of these financial instruments using the income approach technique with Level 3 unobservable inputs. Management estimates used in its net present value financial models rely on assumptions and judgments regarding issues where the outcome is unknown and actual results or values may differ significantly from these estimates. The Company’s fair value estimates do not consider the tax effect that would be associated with the disposition of the assets or liabilities at their fair value estimates. As such, the Company may not receive the estimated value upon sale or disposition of the asset or pay the estimated value upon disposition of the liability in advance of its scheduled maturity. | |||||||
Interest-bearing deposits in other banks include $0.5 million of certificates of deposits guaranteed by the FDIC with maturities of less than one year as of December 31, 2012. Due to the FDIC guarantee and the short-term maturity of these certificates of deposit, the fair value of these deposits approximates the carrying value. | |||||||
Fair values are estimated for loan portfolios with similar financial characteristics. Loans are segregated by category, and each loan category is further segmented into performing and non-performing categories. | |||||||
The fair value of performing loans is calculated by using an income approach with Level 3 inputs. The fair value of performing loans is estimated by discounting forecasted cash flows through the estimated maturity using estimated market discount rates that reflect the interest rate risk inherent in the loan portfolio. The fair value of non-performing collateral dependent loans is estimated using an income approach with Level 3 inputs. The fair value of non-performing loans utilizes the fair value of the collateral adjusted for operating and selling expenses and discounted over the estimated holding period. | |||||||
BB&T preferred interest in FAR is considered an adjustable rate debt security. The fair value of the security is calculated using the income approach with Level 3 inputs and was obtained by discounting forecasted cash flows by risk adjusted market interest rate spreads to the LIBOR swap curve. The market spreads were obtained from reference data in the secondary institutional market place. | |||||||
The fair value of notes payable and note payable-Woodbridge were measured using the income approach with Level 3 inputs and was obtained by discounting the forecasted cash flows based on risk adjusted market interest rates. | |||||||
Loans_Receivable
Loans Receivable | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Loans Receivable [Abstract] | ' | ||||||||||||
Loans Receivable | ' | ||||||||||||
7. Loans Receivable | |||||||||||||
The loan portfolio consisted of the following (in thousands): | |||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Commercial non-real estate | $ | 10,350 | 12,006 | ||||||||||
Commercial real estate: | |||||||||||||
Residential | 40,091 | 62,523 | |||||||||||
Other | 70,776 | 151,524 | |||||||||||
Consumer | 13,963 | 16,907 | |||||||||||
Residential: | |||||||||||||
Residential-interest only | 15,117 | 17,798 | |||||||||||
Residential-amortizing | 30,352 | 36,999 | |||||||||||
Total gross loans | 180,649 | 297,757 | |||||||||||
Adjustments: | |||||||||||||
Premiums, discounts and net deferred fees | 132 | 116 | |||||||||||
Allowance for loan losses | -4,792 | -5,311 | |||||||||||
Loans receivable -- net | $ | 175,989 | 292,562 | ||||||||||
The recorded investment (unpaid principal balance less charge-offs and deferred fees) of non-accrual loans receivable was (in thousands): | |||||||||||||
September 30, | December 31, | ||||||||||||
Loan Class | 2013 | 2012 | |||||||||||
Commercial non-real estate | $ | 3,331 | 3,362 | ||||||||||
Commercial real estate: | |||||||||||||
Residential | 39,080 | 60,937 | |||||||||||
Other | 50,967 | 79,014 | |||||||||||
Consumer | 5,796 | 7,859 | |||||||||||
Residential: | |||||||||||||
Interest only | 14,103 | 16,115 | |||||||||||
Amortizing | 26,070 | 28,507 | |||||||||||
Total nonaccrual loans | $ | 139,347 | 195,794 | ||||||||||
An age analysis of the past due recorded investment in loans receivable as of September 30, 2013 and December 31, 2012 was as follows (in thousands): | |||||||||||||
Total | |||||||||||||
31-59 Days | 60-89 Days | 90 Days | Total | Loans | |||||||||
30-Sep-13 | Past Due | Past Due | or More (1) | Past Due | Current | Receivable | |||||||
Commercial non-real estate | $ | - | 1,063 | 2,269 | 3,332 | 7,018 | 10,350 | ||||||
Commercial real estate: | |||||||||||||
Residential | 3,977 | - | 25,831 | 29,808 | 10,283 | 40,091 | |||||||
Other | - | 323 | 26,676 | 26,999 | 43,777 | 70,776 | |||||||
Consumer | 634 | 504 | 5,123 | 6,261 | 7,702 | 13,963 | |||||||
Residential: | |||||||||||||
Residential-interest only | 39 | - | 12,511 | 12,550 | 2,567 | 15,117 | |||||||
Residential-amortizing | 1,521 | 177 | 21,882 | 23,580 | 6,772 | 30,352 | |||||||
Total | $ | 6,171 | 2,067 | 94,292 | 102,530 | 78,119 | 180,649 | ||||||
(1) The Company had no loans that were past due greater than 90 days and still accruing interest as of September 30, 2013. | |||||||||||||
Total | |||||||||||||
31-59 Days | 60-89 Days | 90 Days | Total | Loans | |||||||||
31-Dec-12 | Past Due | Past Due | or More (1) | Past Due | Current | Receivable | |||||||
Commercial non-real estate | $ | 2,411 | - | 3,362 | 5,773 | 6,233 | 12,006 | ||||||
Commercial real estate: | |||||||||||||
Residential | 842 | 1,716 | 50,634 | 53,192 | 9,331 | 62,523 | |||||||
Other | - | 5,843 | 30,102 | 35,945 | 115,579 | 151,524 | |||||||
Consumer | 677 | 524 | 7,165 | 8,366 | 8,541 | 16,907 | |||||||
Residential: | |||||||||||||
Residential-interest only | 397 | - | 16,115 | 16,512 | 1,286 | 17,798 | |||||||
Residential-amortizing | 984 | 1,520 | 28,052 | 30,556 | 6,443 | 36,999 | |||||||
Total | $ | 5,311 | 9,603 | 135,430 | 150,344 | 147,413 | 297,757 | ||||||
(1) The Company had no loans that were past due greater than 90 days and still accruing interest as of December 31, 2012. | |||||||||||||
The activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2013 was as follows (in thousands): | |||||||||||||
Commercial | |||||||||||||
Commercial | Real | Small | |||||||||||
Non-Real Estate | Estate | Business | Consumer | Residential | Total | ||||||||
Allowance for Loan Losses: | |||||||||||||
Beginning balance | $ | 1,384 | 972 | - | 2,725 | 163 | 5,244 | ||||||
Charge-off : | - | -227 | - | -241 | -141 | -609 | |||||||
Recoveries : | 53 | 3,596 | 73 | 289 | 579 | 4,590 | |||||||
Provision: | 116 | -3,992 | -73 | -225 | -259 | -4,433 | |||||||
Ending balance | $ | 1,553 | 349 | - | 2,548 | 342 | 4,792 | ||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 954 | - | - | - | - | 954 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | 599 | 349 | - | 2,548 | 342 | 3,838 | |||||||
Total | $ | 1,553 | 349 | - | 2,548 | 342 | 4,792 | ||||||
Loans receivable: | |||||||||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 3,332 | 90,750 | - | 4,921 | 40,146 | 139,149 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | $ | 7,018 | 20,117 | - | 9,042 | 5,323 | 41,500 | ||||||
Total | $ | 10,350 | 110,867 | - | 13,963 | 45,469 | 180,649 | ||||||
Purchases of loans | $ | - | - | - | - | - | - | ||||||
Proceeds from loan sales | $ | - | - | - | - | - | - | ||||||
Transfer to loans held for sale | $ | - | - | - | - | - | - | ||||||
Transfer from loans held for sale | $ | - | - | - | - | -1,312 | -1,312 | ||||||
The activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2012 was as follows (in thousands): | |||||||||||||
Commercial | |||||||||||||
Commercial | Real | Small | |||||||||||
Non-Real Estate | Estate | Business | Consumer | Residential | Total | ||||||||
Allowance for Loan Losses: | |||||||||||||
Beginning balance | $ | 800 | 4,383 | 1,326 | 407 | 237 | 7,153 | ||||||
Charge-offs: | -1,376 | -558 | -1,619 | -615 | -1,091 | -5,259 | |||||||
Recoveries : | 421 | 2,992 | 155 | 40 | 700 | 4,308 | |||||||
Provision : | 2,084 | -3,371 | 306 | 896 | 342 | 257 | |||||||
Discontinued operations | |||||||||||||
provision: | - | 70 | -168 | 63 | 171 | 136 | |||||||
Ending balance | $ | 1,929 | 3,516 | - | 791 | 359 | 6,595 | ||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 1,490 | 1,586 | - | - | - | 3,076 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | 439 | 1,930 | - | 791 | 359 | 3,519 | |||||||
Total | $ | 1,929 | 3,516 | - | 791 | 359 | 6,595 | ||||||
Loans receivable: | |||||||||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 6,620 | 176,383 | - | 8,010 | 38,904 | 229,917 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | $ | 5,115 | 46,912 | - | 10,938 | 21,512 | 84,477 | ||||||
Total | $ | 11,735 | 223,295 | - | 18,948 | 60,416 | 314,394 | ||||||
Purchases of loans | $ | - | - | - | - | - | - | ||||||
Proceeds from loan sales | $ | - | - | 19,069 | - | - | 19,069 | ||||||
Transfer from loans held for sale | $ | - | - | - | - | -14,185 | -14,185 | ||||||
The activity in allowance for loan losses by portfolio segment for the nine months ended September 30, 2013 was as follows (in thousands): | |||||||||||||
Commercial | |||||||||||||
Commercial | Real | Small | |||||||||||
Non-Real Estate | Estate | Business | Consumer | Residential | Total | ||||||||
Allowance for Loan Losses: | |||||||||||||
Beginning balance | $ | 1,735 | 1,869 | - | 1,261 | 446 | 5,311 | ||||||
Charge-off : | - | -3,915 | - | -1,528 | -589 | -6,032 | |||||||
Recoveries : | 308 | 5,743 | 189 | 1,306 | 1,469 | 9,015 | |||||||
Provision : | -490 | -3,348 | -189 | 1,509 | -984 | -3,502 | |||||||
Ending balance | $ | 1,553 | 349 | - | 2,548 | 342 | 4,792 | ||||||
Proceeds from loan sales | $ | - | 1,100 | - | - | - | 1,100 | ||||||
Transfer to held for sale | $ | - | - | - | - | - | - | ||||||
Transfer from loans held for sale | $ | - | - | - | - | -1,312 | -1,312 | ||||||
The activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2012 was as follows (in thousands): | |||||||||||||
Commercial | |||||||||||||
Commercial | Real | Small | |||||||||||
Non-Real Estate | Estate | Business | Consumer | Residential | Total | ||||||||
Allowance for Loan Losses: | |||||||||||||
Beginning balance | $ | 16,407 | 67,054 | 7,168 | 22,554 | 16,704 | 129,887 | ||||||
Charge-off : | -15,991 | -53,839 | -3,991 | -8,028 | -12,847 | -94,696 | |||||||
Recoveries : | 861 | 4,623 | 425 | 1,071 | 1,977 | 8,957 | |||||||
Provision : | 2,549 | -5,228 | 306 | 896 | 342 | -1,135 | |||||||
Transfer to held for sale: | -1,897 | -9,164 | -4,454 | -20,639 | -12,491 | -48,645 | |||||||
Discontinued operations | |||||||||||||
provision: | - | 70 | 546 | 4,937 | 6,674 | 12,227 | |||||||
Ending balance | $ | 1,929 | 3,516 | - | 791 | 359 | 6,595 | ||||||
Purchases of loans | $ | - | - | - | - | - | - | ||||||
Proceeds from loan sales | $ | - | 1,000 | - | - | - | 1,000 | ||||||
Transfer to held for sale | $ | - | - | 35,209 | - | - | 35,209 | ||||||
Transfer from loans held for sale | $ | - | - | - | - | -14,185 | -14,185 | ||||||
During the first quarter of 2012 the Company charged down the recorded investment of loans by $66.5 million to the fair value of the collateral less cost to sell based on OCC guidance to thrifts regarding specific valuation allowances on collateral dependent loans. This charge down consisted entirely of the charging off of existing specific valuation allowances. As a specific valuation allowance was previously established for these loans, the charge-offs did not impact the provision for loan losses or the net loss during the three months ended March 31, 2012, but did reduce the Company’s allowance for loan losses and recorded investment in the loans. | |||||||||||||
Impaired Loans - Loans are considered impaired when, based on current information and events, the Company believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan agreement. For a loan that has been restructured, the contractual terms of the loan agreement refer to the contractual terms specified by the original loan agreement, not the contractual terms specified by the restructured agreement. Impairment is evaluated based on past due status for consumer and residential loans. Impairment is evaluated as part of the Company’s on-going credit monitoring process for commercial loans which results in the evaluation for impairment of substandard loans. Factors considered in determining if a loan is impaired are past payment history, strength of the borrower or guarantors, and cash flow associated with the collateral or business. If a loan is impaired, a specific valuation allowance is allocated, if necessary, based on the present value of estimated future cash flows using the loan’s existing interest rate or based on the fair value of the loan. Collateral dependent impaired loans are charged down to the fair value of collateral less cost to sell. Interest payments on impaired loans for all loan classes are recognized on a cash basis, unless collectability of the principal and interest amount is probable, in which case interest is recognized on an accrual basis. Impaired loans, or portions thereof, are charged off when deemed uncollectible. | |||||||||||||
Impaired loans as of September 30, 2013 and December 31, 2012 were as follows (in thousands): | |||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||
Unpaid | Unpaid | ||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||
Investment | Balance | Allowance | Investment | Balance | Allowance | ||||||||
With a related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 3,002 | 4,474 | 954 | 3,032 | 3,287 | 784 | ||||||
Commercial real estate: | |||||||||||||
Residential | - | - | - | 637 | 2,172 | 1 | |||||||
Other | - | - | - | 27,558 | 39,194 | 836 | |||||||
Consumer | 1,030 | 3,085 | 1,030 | - | - | - | |||||||
Residential: | |||||||||||||
Residential-interest only | - | - | - | - | - | - | |||||||
Residential-amortizing | - | - | - | - | - | - | |||||||
Total with allowance recorded | $ | 4,032 | 7,559 | 1,984 | 31,227 | 44,653 | 1,621 | ||||||
With no related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 330 | 635 | - | 330 | 634 | - | ||||||
Commercial real estate: | |||||||||||||
Residential | 39,080 | 83,998 | - | 64,684 | 141,842 | - | |||||||
Other | 51,670 | 81,188 | - | 84,669 | 118,665 | - | |||||||
Consumer | 12,098 | 14,931 | - | 16,050 | 20,501 | - | |||||||
Residential: | |||||||||||||
Residential-interest only | 14,103 | 24,779 | - | 16,421 | 28,808 | - | |||||||
Residential-amortizing | 27,503 | 42,540 | - | 31,896 | 48,820 | - | |||||||
Total with no allowance recorded | $ | 144,784 | 248,071 | - | 214,050 | 359,270 | - | ||||||
Total: | |||||||||||||
Commercial non-real estate | $ | 3,332 | 5,109 | 954 | 3,362 | 3,921 | 784 | ||||||
Commercial real estate | 90,750 | 165,186 | - | 177,548 | 301,873 | 837 | |||||||
Consumer | 13,128 | 18,016 | 1,030 | 16,050 | 20,501 | - | |||||||
Residential | 41,606 | 67,319 | - | 48,317 | 77,628 | - | |||||||
Total | $ | 148,816 | 255,630 | 1,984 | 245,277 | 403,923 | 1,621 | ||||||
Average recorded investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2013 were (in thousands): | |||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||
30-Sep-13 | 30-Sep-13 | ||||||||||||
Average Recorded | Interest Income | Average Recorded | Interest Income | ||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||
With an allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 3,003 | 5 | 3,019 | 89 | ||||||||
Commercial real estate: | |||||||||||||
Residential | - | - | - | - | |||||||||
Other | - | - | 16,384 | 350 | |||||||||
Consumer | 1,186 | - | 1,069 | - | |||||||||
Residential: | |||||||||||||
Residential-interest only | - | - | - | - | |||||||||
Residential-amortizing | - | - | - | - | |||||||||
Total with allowance recorded | $ | 4,189 | 5 | 20,472 | 439 | ||||||||
With no related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 330 | - | 330 | - | ||||||||
Commercial real estate: | |||||||||||||
Residential | 39,734 | 608 | 41,556 | 921 | |||||||||
Other | 52,055 | 313 | 69,373 | 986 | |||||||||
Consumer | 12,102 | 71 | 13,388 | 213 | |||||||||
Residential: | |||||||||||||
Residential-interest only | 14,106 | 31 | 14,784 | 59 | |||||||||
Residential-amortizing | 27,550 | 170 | 29,102 | 403 | |||||||||
Total with no allowance recorded | $ | 145,877 | 1,193 | 168,533 | 2,582 | ||||||||
Commercial non-real estate | $ | 3,333 | 5 | 3,349 | 89 | ||||||||
Commercial real estate | 91,789 | 921 | 127,313 | 2,257 | |||||||||
Small business | - | - | - | - | |||||||||
Consumer | 13,288 | 71 | 14,457 | 213 | |||||||||
Residential | 41,656 | 201 | 43,886 | 462 | |||||||||
Total | $ | 150,066 | 1,198 | 189,005 | 3,021 | ||||||||
Average recorded investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2012 were (in thousands): | |||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||
30-Sep-12 | 30-Sep-12 | ||||||||||||
Average Recorded | Interest Income | Average Recorded | Interest Income | ||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||
With an allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 4,339 | - | 4,387 | 29 | ||||||||
Commercial real estate: | |||||||||||||
Residential | 11,145 | - | 12,991 | 139 | |||||||||
Other | 19,988 | 221 | 19,996 | 658 | |||||||||
Small business: | |||||||||||||
Real estate | - | - | - | - | |||||||||
Non-real estate | - | - | - | - | |||||||||
Consumer | - | - | - | - | |||||||||
Residential: | |||||||||||||
Residential-interest only | - | - | - | - | |||||||||
Residential-amortizing | - | - | - | - | |||||||||
Total with allowance recorded | $ | 35,472 | 221 | 37,374 | 826 | ||||||||
With no related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 2,558 | - | 2,185 | 108 | ||||||||
Commercial real estate: | |||||||||||||
Residential | 51,791 | 124 | 59,559 | 434 | |||||||||
Other | 108,737 | 586 | 118,181 | 1,408 | |||||||||
Small business: | |||||||||||||
Real estate | 6,905 | 96 | 6,995 | 290 | |||||||||
Non-real estate | 2,279 | 27 | 2,444 | 86 | |||||||||
Consumer | 17,921 | 75 | 18,358 | 223 | |||||||||
Residential: | |||||||||||||
Residential-interest only | 20,992 | - | 21,841 | - | |||||||||
Residential-amortizing | 35,542 | 28 | 37,355 | 82 | |||||||||
Total with no allowance recorded | $ | 246,725 | 936 | 266,918 | 2,631 | ||||||||
Commercial non-real estate | $ | 6,897 | - | 6,572 | 137 | ||||||||
Commercial real estate | 191,661 | 931 | 210,727 | 2,639 | |||||||||
Small business | 9,184 | 123 | 9,439 | 376 | |||||||||
Consumer | 17,921 | 75 | 18,358 | 223 | |||||||||
Residential | 56,534 | 28 | 59,196 | 82 | |||||||||
Total | $ | 282,197 | 1,157 | 304,292 | 3,457 | ||||||||
Impaired loans without specific valuation allowances represent loans that were written-down to the fair value of the collateral less cost to sell, loans in which the collateral value less cost to sell was greater than the carrying value of the loan, loans in which the present value of the cash flows discounted at the loans’ effective interest rate were equal to or greater than the carrying value of the loans, or large groups of smaller-balance homogeneous loans that were collectively measured for impairment. | |||||||||||||
The Company monitors impaired collateral dependent loans and performs an impairment analysis on these loans quarterly. Generally, a full appraisal is obtained when a non-homogeneous real estate loan is initially evaluated for impairment and an updated full appraisal is obtained within one year from the prior appraisal date, or earlier if management deems it appropriate based on significant changes in market conditions. In instances where a property is in the process of foreclosure, an updated appraisal may be postponed beyond one year, as an appraisal is required on the date of foreclosure; however, such loans remain subject to quarterly impairment analyses and adjustments. Included in total impaired loans as of September 30, 2013 was $90.9 million of collateral dependent loans, of which $87.5 million were measured for impairment using current appraisals and $3.4 million were measured by adjusting appraisals, as appropriate, to reflect changes in market conditions subsequent to the last appraisal date. The loans that did not have current appraisals were adjusted down by an aggregate amount of $0.8 million based on changes in market conditions. | |||||||||||||
Credit Quality Information | |||||||||||||
The Company monitors delinquency trends, net charge-off levels, levels of impaired loans, current loan to value ratios, credit scores and general economic conditions in an effort to assess loan credit quality. The Company assesses commercial loan credit quality through accrual and non-accrual loan classifications. Commercial loans are generally placed on non-accrual status when the full payment of the loan’s principal and interest is in doubt, which may be due to factors including material deterioration of conditions surrounding the principal source of repayment, insufficient borrower capacity to service the debt, significantly delayed property sales or development schedules, declines in the loan-to-value ratio of the loan’s collateral or delinquencies greater than ninety days. Accruing commercial loans are generally loans in which management believes that it is probable that the Company will collect loan payments in accordance with the contractual or modified contractual terms of the loan. | |||||||||||||
The following table presents the amount of accruing and non-accruing commercial loans by loan class as of September 30, 2013 (in thousands): | |||||||||||||
T | |||||||||||||
Commercial | Other | ||||||||||||
Non | Commercial | Commercial | |||||||||||
Real Estate | Residential | Real Estate | |||||||||||
Accruing | $ | 7,019 | 1,011 | 19,809 | |||||||||
Non-accruing | 3,331 | 39,080 | 50,967 | ||||||||||
Total | $ | 10,350 | 40,091 | 70,776 | |||||||||
The following table presents the amount of accruing and non-accruing commercial loans by loan class as of December 31, 2012 (in thousands): | |||||||||||||
Commercial | Other | ||||||||||||
Non | Commercial | Commercial | |||||||||||
Real Estate | Residential | Real Estate | |||||||||||
Accruing | $ | 8,644 | 1,586 | 72,510 | |||||||||
Non-accruing | 3,362 | 60,937 | 79,014 | ||||||||||
Total | $ | 12,006 | 62,523 | 151,524 | |||||||||
The Company monitors the credit quality of residential loans based on loan-to-value ratios of the underlying collateral. Elevated loan-to-value ratios indicate the likelihood of increased credit losses upon default which results in higher loan portfolio credit risk. | |||||||||||||
The loan-to-value ratios of the Company’s residential loans were as follows (in thousands): | |||||||||||||
As of September 30, 2013 (1) | As of December 31, 2012 (2) | ||||||||||||
Residential | Residential | Residential | Residential | ||||||||||
Loan-to-value ratios | Interest Only | Amortizing | Interest Only | Amortizing | |||||||||
<`% | $ | 412 | 8,436 | 413 | 6,762 | ||||||||
60.1% - 70% | 392 | 2,940 | 945 | 1,922 | |||||||||
70.1% - 80% | 1,247 | 4,292 | 1,082 | 4,044 | |||||||||
80.1% - 90% | 2,623 | 4,557 | 1,584 | 5,300 | |||||||||
>90% | 10,443 | 10,127 | 13,774 | 18,971 | |||||||||
Total | $ | 15,117 | 30,352 | 17,798 | 36,999 | ||||||||
(1) Loan-to-value ratios for the majority of the portfolio were obtained during the second quarter of 2013 based on broker price opinions. | |||||||||||||
(2) Loan-to-value ratios for the majority of the portfolio were obtained during the fourth quarter of 2012 based on broker price opinions. | |||||||||||||
The Company monitors the credit quality of its portfolio of consumer loans utilizing borrower FICO scores. The FICO scores of the Company’s consumer loans were as follows (in thousands): | |||||||||||||
Consumer Loans | |||||||||||||
September 30, | December 31, | ||||||||||||
FICO Scores | 2013 (1) | 2012 (2) | |||||||||||
Unavailable | $ | 349 | 233 | ||||||||||
<500 | 919 | 449 | |||||||||||
500-619 | 8,344 | 10,241 | |||||||||||
620-679 | 2,834 | 2,531 | |||||||||||
>679 | 1,517 | 3,453 | |||||||||||
$ | 13,963 | 16,907 | |||||||||||
(1) FICO scores for the majority of the portfolio were obtained during the third quarter of 2013. | |||||||||||||
(2) FICO scores for the majority of the portfolio were obtained during the fourth quarter of 2012. | |||||||||||||
Troubled Debt Restructured Loans | |||||||||||||
The restructuring of a loan is considered a “troubled debt restructuring” if both (i) the borrower is experiencing financial difficulties and (ii) the creditor has granted a concession. Concessions may include interest rate reductions, principal forgiveness, restructuring amortization schedules, extending loan maturities, deferring loan payments until the loan maturity date and other actions intended to minimize potential losses. The majority of concessions for consumer loans have involved changing monthly payments from interest and principal payments to interest only payments or deferring several monthly loan payments until the loan maturity date. Commercial real estate and non-real estate loan concessions were primarily interest rate reductions to below market interest rates and extensions of maturity dates based on the risk profile of the loan. Residential and small business loan concessions primarily have involved reductions of monthly payments through extensions of the amortization period and/or deferral of monthly payments. | |||||||||||||
Consumer and residential troubled debt restructured loans had no financial statement effect because the affected loans were generally on non-accrual status and measured for impairment before the restructuring. The financial statement effects of commercial and small business troubled debt restructured loans was the establishment of specific valuation allowances, if any, in place of the general allowance for those loans that had not already been placed on nonaccrual status. There was an impact to the allowance for loan losses associated with loans for which concessions were made, as the concessions generally resulted from the expectation of slower future cash flows. | |||||||||||||
There were no troubled debt restructurings during the three and nine months ended September 30, 2013. During the three months ended September 30, 2012, the Company modified two non-real estate small business loans with a recorded investment of $296,000 in a troubled debt restructuring. During the nine months ended September 30, 2012, two small business real estate loans, two small business non-real estate loans, one consumer loan and one residential amortizing loan with recorded investments of $342,000, $296,000, $47,000 and $62,000, respectively, were modified in troubled debt restructurings. | |||||||||||||
There were no loans modified in troubled debt restructurings since January 1, 2012 that experienced a payment default during the three and nine months ended September 30, 2013. | |||||||||||||
There was one residential commercial real estate loan and two other commercial real estate loans with recorded investments of $6.9 million and $22.1 million, respectively, that were modified in troubled debt restructurings since January 1, 2011 that experienced a payment default during the three months ended September 30, 2012. | |||||||||||||
There were two residential amortizing loans, two residential interest only loans, one residential commercial real estate loan and two other commercial real estate loans with recorded investments of $177,000, $247,000, $6.9 million and $22.1 million, respectively, that were modified in troubled debt restructurings since January 1, 2011 that experienced a payment default during the nine months ended September 30, 2012. | |||||||||||||
Loans held for sale | |||||||||||||
Loans held for sale as of September 30, 2013 consisted of $12.9 million of small business loans and $3.2 million of commercial real estate loans. Loans held for sale as of December 31, 2012 consisted of $18.8 million of small business loans and $6.0 million of commercial real estate loans. | |||||||||||||
Related_Parties
Related Parties | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Related Parties [Abstract] | ' | ||||||||
Related Parties | ' | ||||||||
8. Related Parties | |||||||||
The Company, BFC and Bluegreen Corp. are entities under common control. The controlling shareholder of the Company and Bluegreen is BFC. Shares of BFC’s capital stock representing a majority of the voting power are owned or controlled by the Company’s Chairman and Vice Chairman, both of whom are also executive officers of the Company, executive officers and directors of BFC and directors of Bluegreen. The Company, BFC and Bluegreen share certain office premises and employee services, pursuant to the agreements described below. | |||||||||
In March 2008, BankAtlantic entered into an agreement with BFC to provide information technology support in exchange for monthly payments by BFC to BankAtlantic. In May 2008, BankAtlantic also entered into a lease agreement with BFC under which BFC paid BankAtlantic monthly rent for office space in BankAtlantic’s corporate headquarters. The Company maintained service agreements with BFC pursuant to which BFC provided human resources, risk management and investor relations services to the Company for which BFC was reimbursed based on its cost. During the second quarter of 2010, BankAtlantic and the Parent Company entered into a real estate advisory service agreement with BFC for assistance relating to the work-out of loans and the sale of real estate owned. BFC was compensated $12,500 per month by each of BankAtlantic and the Parent Company and, if BFC’s efforts resulted in net recoveries of any non-performing loan or the sale of real estate owned, it received a fee equal to 1% of the net value recovered. During the three and nine months ended September 30, 2012, the Company incurred $25,000 and $260,000, respectively, of real estate advisory service fees under this agreement. Each of these agreements was terminated effective upon the closing of the BB&T Transaction. | |||||||||
Effective December 1, 2012, the Company entered into an agreement with BFC under which the Company provides office facilities and is reimbursed by BFC based on cost. BFC also provides risk management services to the Company and BFC is reimbursed by the Company based on cost. The Company’s employees are provided health insurance under policies maintained by Bluegreen for which Bluegreen is reimbursed at cost. | |||||||||
The table below shows the effect of service arrangements with related parties on the Company’s consolidated statements of operations for the three and nine months ended September 30, 2013 and 2012 (in thousands): | |||||||||
For the Three Months | For the Nine Months | ||||||||
Ended September 30, | Ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Other revenues | $ | 104 | 25 | 322 | 205 | ||||
Expenses: | |||||||||
Employee compensation | |||||||||
and benefits | -55 | -2 | -136 | -19 | |||||
Other - back-office support | -48 | -80 | -139 | -884 | |||||
Net effect of affiliate transactions | |||||||||
before income taxes | $ | 1 | -57 | 47 | -698 | ||||
On April 2, 2013, the Company issued to Woodbridge an $11.75 million note payable in connection with the Company’s acquisition of its 46% equity interest in Woodbridge. During the three and nine months ended September 30, 2013, the Company recognized $147,000 and $294,000, respectively, of interest expense in connection with the Woodbridge note payable. | |||||||||
The Company, in prior periods, issued options to acquire shares of the Company’s Class A Common Stock and granted awards of restricted Class A Common Stock to employees of BFC. Additionally, with respect to employees of the Company who were transferred to affiliated companies, the Company has elected, in accordance with the terms of the Company’s stock option plans, not to cancel the stock options held by those former employees. During the year ended December 31, 2010, the Company granted 15,000 restricted stock awards to BFC employees who performed services for the Company. These stock awards vest pro-rata over a four year period. The Company recorded $2,000 and $19,000 of expenses relating to all options and restricted stock awards held by employees of affiliated companies for the three and nine months ended September 30, 2012, respectively. | |||||||||
As disclosed in Note 1 above, on May 7, 2013, BBX Capital entered into the Merger Agreement with BFC and Merger Sub, a wholly owned subsidiary of BFC, pursuant to which BBX Capital will be merged with and into Merger Sub, with Merger Sub surviving as a wholly owned subsidiary of BFC, and BBX Capital shareholders, other than BFC, will be entitled to receive 5.39 shares of BFC’s Class A Common Stock in exchange for each share of BBX Capital’s Class A Common Stock held at the effective time of the Merger. | |||||||||
As disclosed in Note 2 above, on October 30, 2013, a newly formed joint venture entity owned 81% by the Company and 19% by BFC acquired, through two newly formed subsidiaries, substantially all of the assets and certain liabilities of Renin for approximately $14.6 million. Bluegreen funded approximately $9.4 million of the Renin Transaction Consideration in the form of a loan and revolver facility and the remaining Renin Transaction Consideration was funded $4.2 million by BBX Capital and $1.0 million by BFC pro rata in accordance with their percentage equity interests. | |||||||||
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Segment Reporting | ' | ||||||||
9. Segment Reporting | |||||||||
The information provided for segment reporting is based on internal reports utilized by management. Results of continuing operations are reported through two reportable segments: BBX and FAR. The BBX reportable segment includes the results of operations of CAM and the activities of BBX Partners for the three and nine months ended September 30, 2013. BBX Partners is a wholly owned subsidiary of BBX Capital and its primary assets are non-performing commercial loans and real estate owned. BBX’s activities subsequent to the consummation of the BB&T Transaction as of July 31, 2012 consisted of activities associated with BBX Partners’ and CAM’s portfolio of loans receivable, real estate properties, and a portfolio of previously charged off loans as well as pursing equity and debt investment opportunities in real estate and middle market operating businesses. During the three months ended September 30, 2013, the BBX reportable segment also included equity earnings from its investment in Woodbridge. | |||||||||
BBX’s activities during the three and nine months ended September 30, 2012 consisted of those related to BankAtlantic’s Commercial Lending reporting unit and BBX Partner’s assets. The activities related to the commercial loan portfolios included renewing, modifying, collecting, extending, refinancing and making protective advances on these loans, as well as managing and liquidating real estate properties acquired through foreclosure. | |||||||||
The FAR reportable segment consists of the activities associated with overseeing the management and monetization of its assets with a view towards the repayment of BB&T’s preferred interest and maximizing the cash flows of any remaining assets. | |||||||||
Prior to commencement of FAR’s operations on August 1, 2012, the Company had one segment reported as continuing operations. As such, segment reporting for BBX is for the three and nine months ended September 30, 2012 and for the FAR reporting segment is for the two months ended September 30, 2012 in the following table for the 2012 periods. | |||||||||
The accounting policies of the segments are generally the same as those described in the summary of significant accounting policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Intersegment transactions are eliminated in consolidation. | |||||||||
The Company evaluates segment performance based on segment net income from continuing operations after tax. The table below is segment information for segment net income from continuing operations for the three and nine months ended September 30, 2013 (in thousands): | |||||||||
Adjusting and | |||||||||
Elimination | Segment | ||||||||
For the Three Months Ended: | BBX | FAR | Entries | Total | |||||
September 30, 2013: | |||||||||
Interest income | $ | 97 | 2,444 | - | 2,541 | ||||
Net (losses) gains on sales of assets | -253 | 1,165 | - | 912 | |||||
Other revenues | 171 | 1,372 | -41 | 1,502 | |||||
BB&T's priority return in FAR distributions | - | -824 | 41 | -783 | |||||
Interest expense | -336 | - | - | -336 | |||||
Reversals of loan losses | 538 | 3,895 | - | 4,433 | |||||
Asset impairments | 695 | -622 | - | 73 | |||||
Other expenses | -6,355 | -2,455 | - | -8,810 | |||||
Equity earnings in Woodbridge | 8,183 | - | - | 8,183 | |||||
Segment income (loss) before income taxes | 2,740 | 4,975 | - | 7,715 | |||||
Provision for income tax | - | 20 | - | 20 | |||||
Net income (loss) | $ | 2,740 | 4,955 | - | 7,695 | ||||
Total assets | $ | 438,709 | 203,762 | -233,363 | 409,108 | ||||
Equity method investments | |||||||||
included in total assets | $ | 80,519 | - | - | 80,519 | ||||
Expenditures for segment assets | $ | 3 | 52 | - | 55 | ||||
Depreciation and amortization | $ | 55 | 109 | - | 164 | ||||
Adjusting and | |||||||||
Elimination | Segment | ||||||||
For the Nine Months Ended: | BBX | FAR | Entries | Total | |||||
September 30, 2013: | |||||||||
Interest income | $ | 623 | 7,336 | - | 7,959 | ||||
Net gains on sales of assets | 3,645 | 1,517 | - | 5,162 | |||||
Other revenues | 928 | 1,601 | -142 | 2,387 | |||||
BB&T's priority return in FAR distributions | - | -2,844 | 142 | -2,702 | |||||
Interest expense | -839 | - | - | -839 | |||||
Reversals (provision) for loan losses | 1,987 | 1,515 | - | 3,502 | |||||
Asset impairments | -222 | -4,847 | - | -5,069 | |||||
Other expenses | -17,275 | -6,416 | - | -23,691 | |||||
Equity earnings in Woodbridge | 11,625 | - | - | 11,625 | |||||
Segment loss before income taxes | 472 | -2,138 | - | -1,666 | |||||
Provision for income tax | - | 20 | - | 20 | |||||
Net income (loss) | $ | 472 | -2,158 | - | -1,686 | ||||
Expenditures for segment assets | $ | 24 | 52 | - | 76 | ||||
Depreciation and amortization | $ | 163 | 217 | - | 380 | ||||
Adjusting and | |||||||||
Elimination | Segment | ||||||||
For the Three Months Ended: | BBX | FAR | Entries | Total | |||||
September 30, 2012: | |||||||||
Interest income | $ | 2,270 | 1,966 | - | 4,236 | ||||
Net gains on sales of assets | 164 | 328 | - | 492 | |||||
Other revenues | 252 | - | -55 | 197 | |||||
BB&T's priority return in FAR distributions | - | -1,095 | 55 | -1,040 | |||||
Interest expense | -1,402 | - | - | -1,402 | |||||
Reversals (provision) for loan losses | -1,324 | 1,067 | - | -257 | |||||
Asset impairments | -1,083 | -566 | - | -1,649 | |||||
Other expenses | -10,801 | -680 | - | -11,481 | |||||
Segment income (loss) before income taxes | $ | -11,924 | 1,020 | - | -10,904 | ||||
Provision for income tax | -12,904 | 392 | - | -12,512 | |||||
Net income | $ | 980 | 628 | - | 1,608 | ||||
Total assets | $ | 422,513 | 316,287 | -250,446 | 488,354 | ||||
Adjusting and | |||||||||
Elimination | Segment | ||||||||
For the Nine Months Ended: | BBX | FAR | Entries | Total | |||||
September 30, 2012: | |||||||||
Interest income | $ | 17,892 | 1,966 | - | 19,858 | ||||
Net gains on sales of assets | 628 | 328 | - | 956 | |||||
Other revenues | 587 | - | -55 | 532 | |||||
BB&T's priority return in FAR distributions | - | -1,095 | 55 | -1,040 | |||||
Interest expense | -9,695 | - | - | -9,695 | |||||
Reversals (provision) for loan losses | 68 | 1,067 | - | 1,135 | |||||
Asset impairments | -3,911 | -566 | - | -4,477 | |||||
Other expenses | -39,024 | -680 | - | -39,704 | |||||
Segment income (loss) before income taxes | $ | -33,455 | 1,020 | - | -32,435 | ||||
Provision for income tax | -12,903 | 392 | - | -12,511 | |||||
Net income (loss) | $ | -20,552 | 628 | - | -19,924 | ||||
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
10. Commitments and Contingencies | |
The Company and its subsidiaries are parties to lawsuits as plaintiff or defendant involving its business operations. Although the Company believes it has meritorious defenses in all current legal actions, the outcome of litigation matters and timing of ultimate resolution are inherently uncertain and difficult to predict. | |
Reserves are accrued for matters in which it is probable that a loss will be incurred and the amount of such loss can be reasonably estimated. These accrual amounts as of September 30, 2013 were not material to the Company’s financial statements. The actual costs of resolving these legal claims may be substantially higher or lower than the amounts accrued for these claims. | |
A range of reasonably possible losses is estimated for matters in which it is reasonably possible that a loss has been incurred or that a loss is probable but not reasonably estimated. Management currently estimates the aggregate range of reasonably possible losses of up to $4.4 million in excess of the accrued liability relating to these legal matters. This estimated range of reasonably possible losses represents the estimated possible losses over the life of such legal matters, which may span a currently indeterminable number of years, and is based on information currently available as of September 30, 2013. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from this estimate. Those matters for which a reasonable estimate is not possible are not included within this estimated range and, therefore, this estimated range does not represent the Company’s maximum loss exposure. | |
In certain matters we are unable to estimate the loss or reasonable range of loss until additional developments in the case provide information sufficient to support an assessment of the loss or range of loss. Frequently in these matters, the claims are broad and the plaintiffs have not quantified or factually supported the claim. | |
We believe that liabilities arising from litigation matters discussed below in excess of amounts accrued, if any, will not have a material impact to the Company’s financial statements. However, due to the significant uncertainties involved in these legal matters, we may incur losses and an adverse outcome in these matters could be material to the Company’s financial statements. | |
On May 10, 2013, we received a notice from BB&T regarding a series of pending and threatened claims asserted against BB&T’s subsidiary, Branch Banking and Trust Company, as successor to BankAtlantic, by certain individuals who purport to have had accounts in their names with BankAtlantic prior to consummation of the sale of BankAtlantic to BB&T. The claims allege wrongful conduct by BankAtlantic in connection with certain alleged unauthorized transactions associated with their accounts. BB&T’s notice asserts its belief that it may be entitled to indemnification under the BankAtlantic stock purchase agreement with respect to such claims. | |
The following is a description of certain on-going litigation matters: | |
BBX Shareholders Lawsuit Challenging the Merger with BFC | |
On May 30, 2013, Haim Ronan filed a purported class action against BFC, BBX Merger Sub, BBX Capital and the members of BBX Capital’s board of directors seeking to represent BBX Capital’s shareholders in a lawsuit challenging the currently proposed merger between BBX Capital and BFC. In this action, which is styled Haim Ronan, On Behalf of Himself and All Others Similarly Situated, v. Alan B. Levan, John E. Abdo, Jarett S. Levan, Steven M. Coldren, Bruno L. Di Giulian, Charlie C. Winningham II, David A. Lieberman, Willis N. Holcombe, Anthony P. Segreto, BBX Capital Corporation, BFC Financial Corporation and BBX Merger Sub, LLC and was filed in the Circuit Court of the 17th Judicial Circuit in and for Broward County, Florida, Mr. Ronan asserted as a cause of action that the individual defendants breached their fiduciary duties of care, loyalty, and good faith, in part, by failing to obtain a high enough price for the shares of BBX Capital to be acquired by BFC in the merger. Mr. Ronan also asserted a cause of action against BFC and BBX Merger Sub for aiding and abetting the alleged breaches of fiduciary duties. Mr. Ronan is seeking an injunction blocking the proposed merger. On May 31, 2013, in an action styled John P. Lauterbach, on Behalf of Himself and All Others Similarly Situated, v. BBX Capital Corporation, John E. Abdo, Norman H. Becker, Steven M. Coldren, Bruno L. Di Giulian, John K. Grelle, Willis N. Holcombe, Alan B. Levan, Jarett S. Levan, David A. Lieberman, Anthony P. Segreto, Charlie C. Winningham II, Seth M. Wise, BFC Financial Corporation and BBX Merger Sub, LLC and filed in the Circuit Court of the 17th Judicial Circuit in and for Broward County, Florida, John P. Lauterbach filed a purported class action against all of the defendants named in Mr. Ronan’s complaint, challenging the currently proposed merger between BFC and BBX Capital for substantially the same reasons as set forth in Mr. Ronan’s complaint, but asserting an additional, direct cause of action for breach of fiduciary duties against BFC, Alan B. Levan and John E. Abdo. Mr. Lauterbach also added as defendants Norman H. Becker, who was appointed to BBX Capital’s board of directors on May 7, 2013, as well as John K. Grelle and Seth M. Wise, who serve as executive officers and directors of BFC and BBX Capital. The plaintiffs in the actions moved for consolidation, which defendants did not oppose. On September 4, 2013, the Court entered an order consolidating the Lauterbach and Ronan actions into a single action styled In re BBX Capital Corporation Shareholder Litigation, with the complaint filed in the Lauterbach action being deemed the operative complaint. Discovery was stayed pending a ruling on Defendants’ motion to dismiss. Plaintiffs filed an amended complaint on October 11, 2013 in response to Defendants’ motion to dismiss. Defendants intend to file a motion to dismiss the amended complaint. BBX Capital believes the claims to be without merit and intends to vigorously defend the action. | |
Securities and Exchange Commission Complaint | |
On January 18, 2012, the SEC brought an action in the United States District Court for the Southern District of Florida against BBX Capital and Alan B. Levan, BBX Capital’s Chairman and Chief Executive Officer, alleging that they violated securities laws by not timely disclosing known adverse trends in BBX Capital’s commercial real estate loans, selectively disclosing problem loans and engaging in improper accounting treatment of certain specific loans which may have resulted in a material understatement of its net loss in BBX Capital’s Annual Report on Form 10-K for the year ended December 31, 2007. Further, the complaint alleges that Mr. Alan B. Levan intentionally misled investors in related earnings calls. The SEC is seeking a finding by the court of violations of securities laws, a permanent injunction barring future violations, civil money penalties and, in the case of Mr. Alan B. Levan, an order barring him from serving as an officer or director of a public company. | |
Discovery in the action is now closed. The Court has denied summary judgment as to most issues, but granted the SEC’s motion for partial summary judgment that certain statements in one of Alan Levan’s answers on a July 25, 2007 investor conference call were false. The grant of partial summary judgment does not resolve any of the SEC’s claims in its favor; with respect to Mr. Alan Levan’s answer on the July 25, 2007 conference call, the jury will still determine issues relating to materiality and scienter. Due to pending and unresolved motions regarding the admissibility of expert testimony, the case has been continued and is currently set for trial during the two-week period beginning on January 13, 2014. BBX Capital believes the claims to be without merit and intends to vigorously defend the actions. | |
BBX Shareholders Lawsuit Seeking to Block the sale of BankAtlantic to BB&T under the Agreement | |
On April 5, 2012, J. Phillip Max filed a class action complaint in the Circuit Court for the Seventeenth Judicial Circuit in Broward County, Florida against Alan Levan, Jarett Levan, John Abdo, Steven Coldren, D. Keith Cobb, Charles C. Winningham II, Bruno Di Giulian, Willis Holcombe, David Lieberman, BankAtlantic Bancorp, Inc., BFC Financial Corporation, and BB&T Corporation. The complaint alleges that the individual defendants breached their fiduciary duties of care, good faith and loyalty by causing or permitting BBX Capital to sell BankAtlantic. The complaint further alleges that BBX Capital, BFC and BB&T aided and abetted these breaches of fiduciary duty. The complaint seeks declaratory and equitable relief, including an injunction against the proposed transaction between BBX Capital and BB&T, as well as seeking damages. As a consequence of the consummation of the sale of BankAtlantic to BB&T much of the complaint was rendered moot. On June 26, 2013, the case was dismissed without prejudice. | |
New Jersey Tax Sales Certificates Antitrust Litigation | |
On December 21, 2012, plaintiffs filed an Amended Complaint in an existing purported class action filed in Federal District Court in New Jersey adding BBX Capital and Fidelity Tax, LLC, a wholly owned subsidiary of CAM, among others as defendants. The class action complaint is brought on behalf of a class defined as “all persons who owned real property in the State of New Jersey and who had a Tax Certificate issued with respect to their property that was purchased by a Defendant during the Class Period at a public auction in the State of New Jersey at an interest rate above 0%.” Plaintiffs allege that beginning in January 1998 and at least through February 2009, the Defendants were part of a statewide conspiracy to manipulate interest rates associated with tax certificates sold at public auction from at least January 1, 1998, through February 28, 2009. During this period, Fidelity Tax was a subsidiary of BankAtlantic. Fidelity Tax was contributed to CAM in connection with the sale of BankAtlantic in the BB&T Transaction. BBX Capital and Fidelity Tax filed a Motion to Dismiss in March 2013 and on October 23, 2013, the Court granted the Motion to Dismiss and dismissed the Amended Complaint with prejudice as to certain claims, but without prejudice as to plaintiffs’ main antitrust claim. Plaintiffs’ counsel has indicated that plaintiffs intend to refile an amended complaint. BBX Capital believes the claims to be without merit and intends to vigorously defend the actions. | |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements | ' |
11. New Accounting Pronouncements | |
Update Number 2013-07 – Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. This update requires an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. The update requires financial statements prepared using the liquidation basis of accounting to present relevant information about an entity’s expected resources in liquidation by measuring and presenting assets at the amount of the expected cash proceeds from liquidation. The amendments in this update are effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013. The Company believes that this update will not have a material impact on its financial statements. | |
Update Number 2013-11 – Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This update requires an entity to present an unrecognized tax benefit in its financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company believes that this update will not have a material impact on its financial statements. | |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Acquisitions [Abstract] | ' | |||||
Investment In Woodbridge Under The Equity Method | ' | |||||
For the Three | From April 2, 2013 | |||||
Months Ended | Through | |||||
30-Sep-13 | 30-Sep-13 | |||||
Cash to Woodbridge | $ | - | 60,404 | |||
Note payable to Woodbridge | - | 11,750 | ||||
Increase in additional paid-in capital | - | 13,337 | ||||
Investment in Woodbridge - Beginning of period | 80,140 | 85,491 | ||||
Equity earnings in Woodbridge | 8,183 | 11,625 | ||||
Dividends received from Woodbridge | -7,804 | -16,597 | ||||
Investment in Woodbridge - September 30, 2013 | $ | 80,519 | 80,519 | |||
Summary Of Statement Of Financial Condition And Statement Of Operations | ' | |||||
The following is Woodbridge’s summarized Consolidated Statements of Operations for the three months ended September 30, 2013 and from April 2, 2013 through September 30, 2013: | ||||||
Woodbridge Holdings, LLC | ||||||
Consolidated Statements of Operations - Unaudited | ||||||
(In thousands) | ||||||
For the Three | From April 2, 2013 | |||||
Months Ended | Through | |||||
30-Sep-13 | 30-Sep-13 | |||||
Revenues: | ||||||
Total revenues | $ | 148,281 | 280,157 | |||
Costs and expenses: | ||||||
Total costs and expenses | 115,420 | 230,801 | ||||
Other income | 388 | 746 | ||||
Income from continuing operations before taxes | 33,249 | 50,102 | ||||
Provision for income taxes | -11,532 | -17,072 | ||||
Income from continuing operations | 21,717 | 33,030 | ||||
Discontinued operations: | ||||||
Loss from discontinued operations, net of taxes | -192 | -270 | ||||
Net income | 21,525 | 32,760 | ||||
Net income attributable to noncontrolling interest | -3,735 | -7,487 | ||||
Net income attributable to Woodbridge | 17,790 | 25,273 | ||||
BBX Capital equity interest in Woodbridge | 46% | 46% | ||||
Equity earnings in Woodbridge | $ | 8,183 | 11,625 | |||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Discontinued Operations [Abstract] | ' | |||||
Schedule Of Discontinued Operations By Income Statement Account | ' | |||||
For the Three | For the Nine | |||||
Months Ended | Months Ended | |||||
30-Sep-12 | 30-Sep-12 | |||||
Net interest income | $ | 5,235 | 37,384 | |||
Provision for loan losses | 1,865 | 18,383 | ||||
Net interest income after | ||||||
provision for loan losses | 3,370 | 19,001 | ||||
Gain on sale of BankAtlantic | 290,642 | 290,642 | ||||
Total non-interest income | 4,978 | 37,235 | ||||
Total non-interest expense (1) | 8,763 | 61,634 | ||||
Income from discontinued operations | ||||||
before provision for income taxes | 290,227 | 285,244 | ||||
Provision for income taxes | 14,773 | 14,773 | ||||
Income from discontinued operations | $ | 275,454 | 270,471 | |||
(1) General corporate overhead was allocated to continuing operations. | ||||||
Variable_Interest_Entity_FAR_T
Variable Interest Entity - FAR (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Variable Interest Entity - FAR [Abstract] | ' | |||
Carrying amount of the assets and liabilities of FAR | ' | |||
September 30, | December 31, | |||
2013 | 2012 | |||
Cash and interest bearing deposits in banks | $ | 6,937 | 6,615 | |
Loans held for sale | 12,922 | 20,052 | ||
Loans receivable, net | 129,052 | 242,506 | ||
Real estate owned | 40,793 | 21,997 | ||
Office properties and equipment | 12,669 | - | ||
Other assets (1) | 1,389 | 5,038 | ||
Total assets | $ | 203,762 | 296,208 | |
BB&T preferred interest in FAR, LLC | $ | 110,646 | 196,877 | |
Other liabilities | 14,280 | 13,603 | ||
Total liabilities | $ | 124,926 | 210,480 | |
(1) Included in other assets as of September 30, 2013 and December 31, 2012 was $0.8 million and $3.4 million of tax certificates, net of allowance of $0.6 million and $3.6 million, respectively. | ||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Fair Value Measurement [Abstract] | ' | ||||||
Schedule Of Fair Value Assets Measured On Nonrecurring Basis | ' | ||||||
Fair Value Measurements Using | |||||||
Quoted prices in | |||||||
Active Markets | Significant | Significant | Total | ||||
for Identical | Other Observable | Unobservable | Impairments (1) | ||||
September 30, | Assets | Inputs | Inputs | For the Nine | |||
Description | 2013 | (Level 1) | (Level 2) | (Level 3) | Months Ended | ||
Loans measured for | |||||||
impairment using the fair value | |||||||
of the underlying collateral | $ | 24,154 | - | - | 24,154 | 4,565 | |
Impaired real estate owned | 48,803 | - | - | 48,803 | 2,287 | ||
Impaired loans held for sale | 12,922 | - | - | 12,922 | 925 | ||
Total | $ | 85,879 | - | - | 85,879 | 7,777 | |
-1 | Total impairments represent the amount of losses recognized during the nine months ended September 30, 2013 on assets that were held and measured at fair value on a non-recurring basis as of September 30, 2013. | ||||||
Fair Value Measurements Using | |||||||
Quoted prices in | |||||||
Active Markets | Significant | Significant | Total | ||||
for Identical | Other Observable | Unobservable | Impairments (1) | ||||
September 30, | Assets | Inputs | Inputs | For the Three | |||
Description | 2012 | (Level 1) | (Level 2) | (Level 3) | Months Ended | ||
Impaired loans using the fair value | |||||||
of the underlying collateral | $ | 60,492 | - | - | 60,492 | 4,869 | |
Impaired real estate owned | 36,494 | - | - | 36,494 | 4,302 | ||
Impaired loans held for sale | 16,559 | - | - | 16,559 | 1,097 | ||
Total | $ | 113,545 | - | - | 113,545 | 10,268 | |
(1) Total impairments represent the amount of losses recognized during the nine months ended September 30, 2012 on assets that were held and measured at fair value on a non-recurring basis as of September 30, 2012. | |||||||
Schedule Of Quantitative Fair Value Measurements | ' | ||||||
As of September 30, 2013 | Fair | Valuation | Unobservable | ||||
Description | Value | Technique | Inputs | Range (Average) (1) | |||
Loans measured for | |||||||
impairment using the fair value | |||||||
of the underlying collateral | $ | 24,154 | Fair Value of Collateral | Appraisal | $0.1 - 9.0 million (0.4 million) | ||
Impaired real estate owned | 48,803 | Fair Value of Property | Appraisal | $0.1 - 12.0 million (1.9 million) | |||
Impaired loans held for sale | 12,922 | Fair Value of Collateral | Appraisal | $0.1 - 2.2 million (0.4 million) | |||
Total | $ | 85,879 | |||||
(1) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. | |||||||
As of September 30, 2012 | Fair | Valuation | Unobservable | ||||
Description | Value | Technique | Inputs | Range (Average) (1) | |||
Impaired loans using the | |||||||
fair value of the underlying collateral | $ | 60,492 | Fair Value of Property | Appraisal | $0.3 - 4.6 million (3.4 million) | ||
Impaired real estate owned | 36,494 | Fair Value of Property | Appraisal | $0.1 - 7.8 million (2.6 million) | |||
Impaired loans held for sale | 16,559 | Fair Value of Collateral | Appraisal | $0.3 - 4.3 million (2.4 million) | |||
Total | $ | 113,545 | |||||
(1) Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. | |||||||
Schedule Of Financial Disclosures At Fair Value | ' | ||||||
Fair Value Measurements Using | |||||||
Carrying | Quoted prices in | ||||||
Amount | Fair Value | Active Markets | Significant | Significant | |||
As of | As of | for Identical | Other Observable | Unobservable | |||
(in thousands) | September 30, | September 30, | Assets | Inputs | Inputs | ||
Description | 2013 | 2013 | (Level 1) | (Level 2) | (Level 3) | ||
Financial assets: | |||||||
Cash and interest bearing | |||||||
deposits in banks | $ | 25,347 | 25,347 | 25,347 | - | - | |
Loans receivable including loans held for sale, net | 192,139 | 208,736 | - | - | 208,736 | ||
Financial liabilities: | |||||||
Notes payable | 10,441 | 11,585 | - | - | 11,585 | ||
Note Payable Woodbridge | 11,750 | 11,414 | - | - | 11,414 | ||
BB&T preferred interest in FAR | 110,646 | 111,747 | - | - | 111,747 | ||
Fair Value Measurements Using | |||||||
Carrying | Quoted prices in | ||||||
Amount | Fair Value | Active Markets | Significant | Significant | |||
As of | As of | for Identical | Other Observable | Unobservable | |||
(in thousands) | December 31, | December 31, | Assets | Inputs | Inputs | ||
Description | 2012 | 2012 | (Level 1) | (Level 2) | (Level 3) | ||
Financial assets: | |||||||
Cash and interest bearing | |||||||
deposits in other banks | $ | 62,873 | 62,873 | 62,873 | - | - | |
Loans receivable including loans held for sale, net | 317,310 | 316,075 | - | - | 316,075 | ||
Financial liabilities: | |||||||
Notes payable | 10,301 | 10,301 | - | - | 10,301 | ||
BB&T preferred interest in FAR | 196,877 | 201,099 | - | - | 201,099 | ||
Loans_Receivable_Tables
Loans Receivable (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Loans Receivable [Abstract] | ' | ||||||||||||
Composition Of Loan Portfolio | ' | ||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Commercial non-real estate | $ | 10,350 | 12,006 | ||||||||||
Commercial real estate: | |||||||||||||
Residential | 40,091 | 62,523 | |||||||||||
Other | 70,776 | 151,524 | |||||||||||
Consumer | 13,963 | 16,907 | |||||||||||
Residential: | |||||||||||||
Residential-interest only | 15,117 | 17,798 | |||||||||||
Residential-amortizing | 30,352 | 36,999 | |||||||||||
Total gross loans | 180,649 | 297,757 | |||||||||||
Adjustments: | |||||||||||||
Premiums, discounts and net deferred fees | 132 | 116 | |||||||||||
Allowance for loan losses | -4,792 | -5,311 | |||||||||||
Loans receivable -- net | $ | 175,989 | 292,562 | ||||||||||
Recorded Investment (Unpaid Principal Balance Less Charge-Offs And Deferred Fees) Of Non-Accrual Loans Receivable And Loans Held For Sale | ' | ||||||||||||
September 30, | December 31, | ||||||||||||
Loan Class | 2013 | 2012 | |||||||||||
Commercial non-real estate | $ | 3,331 | 3,362 | ||||||||||
Commercial real estate: | |||||||||||||
Residential | 39,080 | 60,937 | |||||||||||
Other | 50,967 | 79,014 | |||||||||||
Consumer | 5,796 | 7,859 | |||||||||||
Residential: | |||||||||||||
Interest only | 14,103 | 16,115 | |||||||||||
Amortizing | 26,070 | 28,507 | |||||||||||
Total nonaccrual loans | $ | 139,347 | 195,794 | ||||||||||
Age Analysis Of The Past Due Recorded Investment In Loans Receivable And Loans Held For Sale | ' | ||||||||||||
Total | |||||||||||||
31-59 Days | 60-89 Days | 90 Days | Total | Loans | |||||||||
30-Sep-13 | Past Due | Past Due | or More (1) | Past Due | Current | Receivable | |||||||
Commercial non-real estate | $ | - | 1,063 | 2,269 | 3,332 | 7,018 | 10,350 | ||||||
Commercial real estate: | |||||||||||||
Residential | 3,977 | - | 25,831 | 29,808 | 10,283 | 40,091 | |||||||
Other | - | 323 | 26,676 | 26,999 | 43,777 | 70,776 | |||||||
Consumer | 634 | 504 | 5,123 | 6,261 | 7,702 | 13,963 | |||||||
Residential: | |||||||||||||
Residential-interest only | 39 | - | 12,511 | 12,550 | 2,567 | 15,117 | |||||||
Residential-amortizing | 1,521 | 177 | 21,882 | 23,580 | 6,772 | 30,352 | |||||||
Total | $ | 6,171 | 2,067 | 94,292 | 102,530 | 78,119 | 180,649 | ||||||
(1) The Company had no loans that were past due greater than 90 days and still accruing interest as of September 30, 2013. | |||||||||||||
Total | |||||||||||||
31-59 Days | 60-89 Days | 90 Days | Total | Loans | |||||||||
31-Dec-12 | Past Due | Past Due | or More (1) | Past Due | Current | Receivable | |||||||
Commercial non-real estate | $ | 2,411 | - | 3,362 | 5,773 | 6,233 | 12,006 | ||||||
Commercial real estate: | |||||||||||||
Residential | 842 | 1,716 | 50,634 | 53,192 | 9,331 | 62,523 | |||||||
Other | - | 5,843 | 30,102 | 35,945 | 115,579 | 151,524 | |||||||
Consumer | 677 | 524 | 7,165 | 8,366 | 8,541 | 16,907 | |||||||
Residential: | |||||||||||||
Residential-interest only | 397 | - | 16,115 | 16,512 | 1,286 | 17,798 | |||||||
Residential-amortizing | 984 | 1,520 | 28,052 | 30,556 | 6,443 | 36,999 | |||||||
Total | $ | 5,311 | 9,603 | 135,430 | 150,344 | 147,413 | 297,757 | ||||||
(1) The Company had no loans that were past due greater than 90 days and still accruing interest as of December 31, 2012. | |||||||||||||
Activity In The Allowance For Loan Losses By Portfolio | ' | ||||||||||||
Commercial | |||||||||||||
Commercial | Real | Small | |||||||||||
Non-Real Estate | Estate | Business | Consumer | Residential | Total | ||||||||
Allowance for Loan Losses: | |||||||||||||
Beginning balance | $ | 1,384 | 972 | - | 2,725 | 163 | 5,244 | ||||||
Charge-off : | - | -227 | - | -241 | -141 | -609 | |||||||
Recoveries : | 53 | 3,596 | 73 | 289 | 579 | 4,590 | |||||||
Provision: | 116 | -3,992 | -73 | -225 | -259 | -4,433 | |||||||
Ending balance | $ | 1,553 | 349 | - | 2,548 | 342 | 4,792 | ||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 954 | - | - | - | - | 954 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | 599 | 349 | - | 2,548 | 342 | 3,838 | |||||||
Total | $ | 1,553 | 349 | - | 2,548 | 342 | 4,792 | ||||||
Loans receivable: | |||||||||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 3,332 | 90,750 | - | 4,921 | 40,146 | 139,149 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | $ | 7,018 | 20,117 | - | 9,042 | 5,323 | 41,500 | ||||||
Total | $ | 10,350 | 110,867 | - | 13,963 | 45,469 | 180,649 | ||||||
Purchases of loans | $ | - | - | - | - | - | - | ||||||
Proceeds from loan sales | $ | - | - | - | - | - | - | ||||||
Transfer to loans held for sale | $ | - | - | - | - | - | - | ||||||
Transfer from loans held for sale | $ | - | - | - | - | -1,312 | -1,312 | ||||||
The activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2012 was as follows (in thousands): | |||||||||||||
Commercial | |||||||||||||
Commercial | Real | Small | |||||||||||
Non-Real Estate | Estate | Business | Consumer | Residential | Total | ||||||||
Allowance for Loan Losses: | |||||||||||||
Beginning balance | $ | 800 | 4,383 | 1,326 | 407 | 237 | 7,153 | ||||||
Charge-offs: | -1,376 | -558 | -1,619 | -615 | -1,091 | -5,259 | |||||||
Recoveries : | 421 | 2,992 | 155 | 40 | 700 | 4,308 | |||||||
Provision : | 2,084 | -3,371 | 306 | 896 | 342 | 257 | |||||||
Discontinued operations | |||||||||||||
provision: | - | 70 | -168 | 63 | 171 | 136 | |||||||
Ending balance | $ | 1,929 | 3,516 | - | 791 | 359 | 6,595 | ||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 1,490 | 1,586 | - | - | - | 3,076 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | 439 | 1,930 | - | 791 | 359 | 3,519 | |||||||
Total | $ | 1,929 | 3,516 | - | 791 | 359 | 6,595 | ||||||
Loans receivable: | |||||||||||||
Ending balance individually | |||||||||||||
evaluated for impairment | $ | 6,620 | 176,383 | - | 8,010 | 38,904 | 229,917 | ||||||
Ending balance collectively | |||||||||||||
evaluated for impairment | $ | 5,115 | 46,912 | - | 10,938 | 21,512 | 84,477 | ||||||
Total | $ | 11,735 | 223,295 | - | 18,948 | 60,416 | 314,394 | ||||||
Purchases of loans | $ | - | - | - | - | - | - | ||||||
Proceeds from loan sales | $ | - | - | 19,069 | - | - | 19,069 | ||||||
Transfer from loans held for sale | $ | - | - | - | - | -14,185 | -14,185 | ||||||
The activity in allowance for loan losses by portfolio segment for the nine months ended September 30, 2013 was as follows (in thousands): | |||||||||||||
Commercial | |||||||||||||
Commercial | Real | Small | |||||||||||
Non-Real Estate | Estate | Business | Consumer | Residential | Total | ||||||||
Allowance for Loan Losses: | |||||||||||||
Beginning balance | $ | 1,735 | 1,869 | - | 1,261 | 446 | 5,311 | ||||||
Charge-off : | - | -3,915 | - | -1,528 | -589 | -6,032 | |||||||
Recoveries : | 308 | 5,743 | 189 | 1,306 | 1,469 | 9,015 | |||||||
Provision : | -490 | -3,348 | -189 | 1,509 | -984 | -3,502 | |||||||
Ending balance | $ | 1,553 | 349 | - | 2,548 | 342 | 4,792 | ||||||
Proceeds from loan sales | $ | - | 1,100 | - | - | - | 1,100 | ||||||
Transfer to held for sale | $ | - | - | - | - | - | - | ||||||
Transfer from loans held for sale | $ | - | - | - | - | -1,312 | -1,312 | ||||||
The activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2012 was as follows (in thousands): | |||||||||||||
Commercial | |||||||||||||
Commercial | Real | Small | |||||||||||
Non-Real Estate | Estate | Business | Consumer | Residential | Total | ||||||||
Allowance for Loan Losses: | |||||||||||||
Beginning balance | $ | 16,407 | 67,054 | 7,168 | 22,554 | 16,704 | 129,887 | ||||||
Charge-off : | -15,991 | -53,839 | -3,991 | -8,028 | -12,847 | -94,696 | |||||||
Recoveries : | 861 | 4,623 | 425 | 1,071 | 1,977 | 8,957 | |||||||
Provision : | 2,549 | -5,228 | 306 | 896 | 342 | -1,135 | |||||||
Transfer to held for sale: | -1,897 | -9,164 | -4,454 | -20,639 | -12,491 | -48,645 | |||||||
Discontinued operations | |||||||||||||
provision: | - | 70 | 546 | 4,937 | 6,674 | 12,227 | |||||||
Ending balance | $ | 1,929 | 3,516 | - | 791 | 359 | 6,595 | ||||||
Purchases of loans | $ | - | - | - | - | - | - | ||||||
Proceeds from loan sales | $ | - | 1,000 | - | - | - | 1,000 | ||||||
Transfer to held for sale | $ | - | - | 35,209 | - | - | 35,209 | ||||||
Transfer from loans held for sale | $ | - | - | - | - | -14,185 | -14,185 | ||||||
Impaired Loans | ' | ||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||
Unpaid | Unpaid | ||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||
Investment | Balance | Allowance | Investment | Balance | Allowance | ||||||||
With a related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 3,002 | 4,474 | 954 | 3,032 | 3,287 | 784 | ||||||
Commercial real estate: | |||||||||||||
Residential | - | - | - | 637 | 2,172 | 1 | |||||||
Other | - | - | - | 27,558 | 39,194 | 836 | |||||||
Consumer | 1,030 | 3,085 | 1,030 | - | - | - | |||||||
Residential: | |||||||||||||
Residential-interest only | - | - | - | - | - | - | |||||||
Residential-amortizing | - | - | - | - | - | - | |||||||
Total with allowance recorded | $ | 4,032 | 7,559 | 1,984 | 31,227 | 44,653 | 1,621 | ||||||
With no related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 330 | 635 | - | 330 | 634 | - | ||||||
Commercial real estate: | |||||||||||||
Residential | 39,080 | 83,998 | - | 64,684 | 141,842 | - | |||||||
Other | 51,670 | 81,188 | - | 84,669 | 118,665 | - | |||||||
Consumer | 12,098 | 14,931 | - | 16,050 | 20,501 | - | |||||||
Residential: | |||||||||||||
Residential-interest only | 14,103 | 24,779 | - | 16,421 | 28,808 | - | |||||||
Residential-amortizing | 27,503 | 42,540 | - | 31,896 | 48,820 | - | |||||||
Total with no allowance recorded | $ | 144,784 | 248,071 | - | 214,050 | 359,270 | - | ||||||
Total: | |||||||||||||
Commercial non-real estate | $ | 3,332 | 5,109 | 954 | 3,362 | 3,921 | 784 | ||||||
Commercial real estate | 90,750 | 165,186 | - | 177,548 | 301,873 | 837 | |||||||
Consumer | 13,128 | 18,016 | 1,030 | 16,050 | 20,501 | - | |||||||
Residential | 41,606 | 67,319 | - | 48,317 | 77,628 | - | |||||||
Total | $ | 148,816 | 255,630 | 1,984 | 245,277 | 403,923 | 1,621 | ||||||
Average Recorded Investment And Interest Income Recognized On Impaired Loans | ' | ||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||
30-Sep-13 | 30-Sep-13 | ||||||||||||
Average Recorded | Interest Income | Average Recorded | Interest Income | ||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||
With an allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 3,003 | 5 | 3,019 | 89 | ||||||||
Commercial real estate: | |||||||||||||
Residential | - | - | - | - | |||||||||
Other | - | - | 16,384 | 350 | |||||||||
Consumer | 1,186 | - | 1,069 | - | |||||||||
Residential: | |||||||||||||
Residential-interest only | - | - | - | - | |||||||||
Residential-amortizing | - | - | - | - | |||||||||
Total with allowance recorded | $ | 4,189 | 5 | 20,472 | 439 | ||||||||
With no related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 330 | - | 330 | - | ||||||||
Commercial real estate: | |||||||||||||
Residential | 39,734 | 608 | 41,556 | 921 | |||||||||
Other | 52,055 | 313 | 69,373 | 986 | |||||||||
Consumer | 12,102 | 71 | 13,388 | 213 | |||||||||
Residential: | |||||||||||||
Residential-interest only | 14,106 | 31 | 14,784 | 59 | |||||||||
Residential-amortizing | 27,550 | 170 | 29,102 | 403 | |||||||||
Total with no allowance recorded | $ | 145,877 | 1,193 | 168,533 | 2,582 | ||||||||
Commercial non-real estate | $ | 3,333 | 5 | 3,349 | 89 | ||||||||
Commercial real estate | 91,789 | 921 | 127,313 | 2,257 | |||||||||
Small business | - | - | - | - | |||||||||
Consumer | 13,288 | 71 | 14,457 | 213 | |||||||||
Residential | 41,656 | 201 | 43,886 | 462 | |||||||||
Total | $ | 150,066 | 1,198 | 189,005 | 3,021 | ||||||||
Average recorded investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2012 were (in thousands): | |||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||
30-Sep-12 | 30-Sep-12 | ||||||||||||
Average Recorded | Interest Income | Average Recorded | Interest Income | ||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||
With an allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 4,339 | - | 4,387 | 29 | ||||||||
Commercial real estate: | |||||||||||||
Residential | 11,145 | - | 12,991 | 139 | |||||||||
Other | 19,988 | 221 | 19,996 | 658 | |||||||||
Small business: | |||||||||||||
Real estate | - | - | - | - | |||||||||
Non-real estate | - | - | - | - | |||||||||
Consumer | - | - | - | - | |||||||||
Residential: | |||||||||||||
Residential-interest only | - | - | - | - | |||||||||
Residential-amortizing | - | - | - | - | |||||||||
Total with allowance recorded | $ | 35,472 | 221 | 37,374 | 826 | ||||||||
With no related allowance recorded: | |||||||||||||
Commercial non-real estate | $ | 2,558 | - | 2,185 | 108 | ||||||||
Commercial real estate: | |||||||||||||
Residential | 51,791 | 124 | 59,559 | 434 | |||||||||
Other | 108,737 | 586 | 118,181 | 1,408 | |||||||||
Small business: | |||||||||||||
Real estate | 6,905 | 96 | 6,995 | 290 | |||||||||
Non-real estate | 2,279 | 27 | 2,444 | 86 | |||||||||
Consumer | 17,921 | 75 | 18,358 | 223 | |||||||||
Residential: | |||||||||||||
Residential-interest only | 20,992 | - | 21,841 | - | |||||||||
Residential-amortizing | 35,542 | 28 | 37,355 | 82 | |||||||||
Total with no allowance recorded | $ | 246,725 | 936 | 266,918 | 2,631 | ||||||||
Commercial non-real estate | $ | 6,897 | - | 6,572 | 137 | ||||||||
Commercial real estate | 191,661 | 931 | 210,727 | 2,639 | |||||||||
Small business | 9,184 | 123 | 9,439 | 376 | |||||||||
Consumer | 17,921 | 75 | 18,358 | 223 | |||||||||
Residential | 56,534 | 28 | 59,196 | 82 | |||||||||
Total | $ | 282,197 | 1,157 | 304,292 | 3,457 | ||||||||
Schedule Of Accruing And Non-accruing Commercial Loans | ' | ||||||||||||
T | |||||||||||||
Commercial | Other | ||||||||||||
Non | Commercial | Commercial | |||||||||||
Real Estate | Residential | Real Estate | |||||||||||
Accruing | $ | 7,019 | 1,011 | 19,809 | |||||||||
Non-accruing | 3,331 | 39,080 | 50,967 | ||||||||||
Total | $ | 10,350 | 40,091 | 70,776 | |||||||||
The following table presents the amount of accruing and non-accruing commercial loans by loan class as of December 31, 2012 (in thousands): | |||||||||||||
Commercial | Other | ||||||||||||
Non | Commercial | Commercial | |||||||||||
Real Estate | Residential | Real Estate | |||||||||||
Accruing | $ | 8,644 | 1,586 | 72,510 | |||||||||
Non-accruing | 3,362 | 60,937 | 79,014 | ||||||||||
Total | $ | 12,006 | 62,523 | 151,524 | |||||||||
Loan-To-Value Ratios Of Residential Loans | ' | ||||||||||||
As of September 30, 2013 (1) | As of December 31, 2012 (2) | ||||||||||||
Residential | Residential | Residential | Residential | ||||||||||
Loan-to-value ratios | Interest Only | Amortizing | Interest Only | Amortizing | |||||||||
<`% | $ | 412 | 8,436 | 413 | 6,762 | ||||||||
60.1% - 70% | 392 | 2,940 | 945 | 1,922 | |||||||||
70.1% - 80% | 1,247 | 4,292 | 1,082 | 4,044 | |||||||||
80.1% - 90% | 2,623 | 4,557 | 1,584 | 5,300 | |||||||||
>90% | 10,443 | 10,127 | 13,774 | 18,971 | |||||||||
Total | $ | 15,117 | 30,352 | 17,798 | 36,999 | ||||||||
(1) Loan-to-value ratios for the majority of the portfolio were obtained during the second quarter of 2013 based on broker price opinions. | |||||||||||||
(2) Loan-to-value ratios for the majority of the portfolio were obtained during the fourth quarter of 2012 based on broker price opinions. | |||||||||||||
Loan-To-Value Ratios Of Consumer Loans | ' | ||||||||||||
Consumer Loans | |||||||||||||
September 30, | December 31, | ||||||||||||
FICO Scores | 2013 (1) | 2012 (2) | |||||||||||
Unavailable | $ | 349 | 233 | ||||||||||
<500 | 919 | 449 | |||||||||||
500-619 | 8,344 | 10,241 | |||||||||||
620-679 | 2,834 | 2,531 | |||||||||||
>679 | 1,517 | 3,453 | |||||||||||
$ | 13,963 | 16,907 | |||||||||||
(1) FICO scores for the majority of the portfolio were obtained during the third quarter of 2013. | |||||||||||||
(2) FICO scores for the majority of the portfolio were obtained during the fourth quarter of 2012. | |||||||||||||
Related_Parties_Tables
Related Parties (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Related Parties [Abstract] | ' | ||||||||
Schedule Of Service Arrangements With Related Parties | ' | ||||||||
For the Three Months | For the Nine Months | ||||||||
Ended September 30, | Ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Other revenues | $ | 104 | 25 | 322 | 205 | ||||
Expenses: | |||||||||
Employee compensation | |||||||||
and benefits | -55 | -2 | -136 | -19 | |||||
Other - back-office support | -48 | -80 | -139 | -884 | |||||
Net effect of affiliate transactions | |||||||||
before income taxes | $ | 1 | -57 | 47 | -698 | ||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Schedule Of Segment Information | ' | ||||||||
Adjusting and | |||||||||
Elimination | Segment | ||||||||
For the Three Months Ended: | BBX | FAR | Entries | Total | |||||
September 30, 2013: | |||||||||
Interest income | $ | 97 | 2,444 | - | 2,541 | ||||
Net (losses) gains on sales of assets | -253 | 1,165 | - | 912 | |||||
Other revenues | 171 | 1,372 | -41 | 1,502 | |||||
BB&T's priority return in FAR distributions | - | -824 | 41 | -783 | |||||
Interest expense | -336 | - | - | -336 | |||||
Reversals of loan losses | 538 | 3,895 | - | 4,433 | |||||
Asset impairments | 695 | -622 | - | 73 | |||||
Other expenses | -6,355 | -2,455 | - | -8,810 | |||||
Equity earnings in Woodbridge | 8,183 | - | - | 8,183 | |||||
Segment income (loss) before income taxes | 2,740 | 4,975 | - | 7,715 | |||||
Provision for income tax | - | 20 | - | 20 | |||||
Net income (loss) | $ | 2,740 | 4,955 | - | 7,695 | ||||
Total assets | $ | 438,709 | 203,762 | -233,363 | 409,108 | ||||
Equity method investments | |||||||||
included in total assets | $ | 80,519 | - | - | 80,519 | ||||
Expenditures for segment assets | $ | 3 | 52 | - | 55 | ||||
Depreciation and amortization | $ | 55 | 109 | - | 164 | ||||
Adjusting and | |||||||||
Elimination | Segment | ||||||||
For the Nine Months Ended: | BBX | FAR | Entries | Total | |||||
September 30, 2013: | |||||||||
Interest income | $ | 623 | 7,336 | - | 7,959 | ||||
Net gains on sales of assets | 3,645 | 1,517 | - | 5,162 | |||||
Other revenues | 928 | 1,601 | -142 | 2,387 | |||||
BB&T's priority return in FAR distributions | - | -2,844 | 142 | -2,702 | |||||
Interest expense | -839 | - | - | -839 | |||||
Reversals (provision) for loan losses | 1,987 | 1,515 | - | 3,502 | |||||
Asset impairments | -222 | -4,847 | - | -5,069 | |||||
Other expenses | -17,275 | -6,416 | - | -23,691 | |||||
Equity earnings in Woodbridge | 11,625 | - | - | 11,625 | |||||
Segment loss before income taxes | 472 | -2,138 | - | -1,666 | |||||
Provision for income tax | - | 20 | - | 20 | |||||
Net income (loss) | $ | 472 | -2,158 | - | -1,686 | ||||
Expenditures for segment assets | $ | 24 | 52 | - | 76 | ||||
Depreciation and amortization | $ | 163 | 217 | - | 380 | ||||
Adjusting and | |||||||||
Elimination | Segment | ||||||||
For the Three Months Ended: | BBX | FAR | Entries | Total | |||||
September 30, 2012: | |||||||||
Interest income | $ | 2,270 | 1,966 | - | 4,236 | ||||
Net gains on sales of assets | 164 | 328 | - | 492 | |||||
Other revenues | 252 | - | -55 | 197 | |||||
BB&T's priority return in FAR distributions | - | -1,095 | 55 | -1,040 | |||||
Interest expense | -1,402 | - | - | -1,402 | |||||
Reversals (provision) for loan losses | -1,324 | 1,067 | - | -257 | |||||
Asset impairments | -1,083 | -566 | - | -1,649 | |||||
Other expenses | -10,801 | -680 | - | -11,481 | |||||
Segment income (loss) before income taxes | $ | -11,924 | 1,020 | - | -10,904 | ||||
Provision for income tax | -12,904 | 392 | - | -12,512 | |||||
Net income | $ | 980 | 628 | - | 1,608 | ||||
Total assets | $ | 422,513 | 316,287 | -250,446 | 488,354 | ||||
Adjusting and | |||||||||
Elimination | Segment | ||||||||
For the Nine Months Ended: | BBX | FAR | Entries | Total | |||||
September 30, 2012: | |||||||||
Interest income | $ | 17,892 | 1,966 | - | 19,858 | ||||
Net gains on sales of assets | 628 | 328 | - | 956 | |||||
Other revenues | 587 | - | -55 | 532 | |||||
BB&T's priority return in FAR distributions | - | -1,095 | 55 | -1,040 | |||||
Interest expense | -9,695 | - | - | -9,695 | |||||
Reversals (provision) for loan losses | 68 | 1,067 | - | 1,135 | |||||
Asset impairments | -3,911 | -566 | - | -4,477 | |||||
Other expenses | -39,024 | -680 | - | -39,704 | |||||
Segment income (loss) before income taxes | $ | -33,455 | 1,020 | - | -32,435 | ||||
Provision for income tax | -12,903 | 392 | - | -12,511 | |||||
Net income (loss) | $ | -20,552 | 628 | - | -19,924 | ||||
Presentation_Of_Interim_Financ1
Presentation Of Interim Financial Statements (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 31, 2012 | Sep. 30, 2013 | Jul. 31, 2012 | Nov. 04, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 02, 2013 | Apr. 02, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 31, 2012 | Sep. 30, 2013 | Oct. 08, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
item | Florida Asset Resolution Group, LLC [Member] | Florida Asset Resolution Group, LLC [Member] | BBX Capital Asset Management, LLC [Member] | BBX Capital Asset Management, LLC [Member] | BBX Capital Asset Management, LLC [Member] | BBX Capital Asset Management, LLC [Member] | BBX Capital Asset Management, LLC [Member] | BFC Financial Corporation [Member] | BFC Financial Corporation [Member] | Woodbridge Holdings, LLC [Member] | Bluegreen Corporation [Member] | BB&T [Member] | BB&T [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Renin Corp [Member] | Renin Corp [Member] | ||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | item | Subsequent Event [Member] | BFC Financial Corporation [Member] | BFC Financial Corporation [Member] | BBX Capital Asset Management, LLC [Member] | |||||||||||||||
Catalfumo [Member] | property | Restricted Stock [Member] | ||||||||||||||||||||
2005 Restricted Stock And Option Plan [Member] | ||||||||||||||||||||||
Presentation Of Interim Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of owners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 170,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of owned or managed resorts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of classes of stock held | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate percentage of combined voting power | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72.00% | ' | ' | ' | ' | ' | 53.00% | ' | ' | 47.00% | ' | ' | ' |
Percent of common stock owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52.00% | ' | 100.00% | ' | ' |
Conversion of shares BFC common stock for BBX Capital common stock | 5.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of common stock held, Maximum, for exercising appraisal rights | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributed investment amount | $80,519,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54.00% | 46.00% | 54.00% | ' | ' | ' | ' | ' | ' | ' | 19.00% | 81.00% |
Cash | ' | ' | 6,900,000 | 50,000,000 | ' | 82,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performing and non-performing loans, tax certificates and real estate owned, carrying value | ' | ' | ' | 346,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on preferred interest return | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred membership interest | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' |
Trust preferred securities | 285,000,000 | ' | 110,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental payments of preference amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Period in which VIE assets are expected to be monetized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' |
Non-performing commercial loans, commercial real estate owned and previously written-off assets, carrying value | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected future ownership interest percentage | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement agreement with borrower | ' | ' | 23,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recorded investment | 4,032,000 | 31,227,000 | 12,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preference amount | 285,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time deposits with other banks | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement amount | ' | ' | ' | ' | ' | ' | 22,000,000 | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of property transferred | ' | ' | ' | ' | ' | ' | ' | ' | 10,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional cash payment | ' | ' | ' | ' | ' | ' | $22,000,000 | $8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payment interest rate | ' | ' | ' | ' | ' | ' | ' | 24.95% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 430,000 | ' | ' | ' | ' | ' |
Shares granted price per share at grant date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.33 | ' | ' | ' | ' | ' |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | 6 Months Ended | ||||||||||||||
Sep. 30, 2013 | Dec. 31, 2012 | Apr. 02, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Apr. 02, 2013 | Mar. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 02, 2013 | Apr. 02, 2013 | |
BFC Financial Corporation [Member] | Florida Asset Resolution Group, LLC [Member] | Bluegreen Corporation [Member] | Woodbridge Holdings, LLC [Member] | Woodbridge Holdings, LLC [Member] | Woodbridge Holdings, LLC [Member] | Woodbridge Holdings, LLC [Member] | Renin Corp [Member] | Renin Corp [Member] | Renin Corp [Member] | Renin Corp [Member] | Renin Corp [Member] | Renin Corp [Member] | Cash [Member] | Promissory Notes [Member] | |||
property | BFC Financial Corporation [Member] | BBX Capital Asset Management, LLC [Member] | BBX Capital Asset Management, LLC [Member] | Bluegreen Corporation [Member] | Woodbridge Holdings, LLC [Member] | Woodbridge Holdings, LLC [Member] | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributed investment amount | $80,519,000 | ' | ' | ' | ' | $80,519,000 | ' | $71,750,000 | ' | ' | ' | ' | ' | ' | ' | $60,400,000 | $11,750,000 |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity interest | ' | ' | 54.00% | ' | 54.00% | 46.00% | ' | 46.00% | ' | 19.00% | ' | ' | 81.00% | ' | ' | ' | ' |
The "Note" term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years |
The "Note" interest rate per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% |
Number of foreclosed storage facilities | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Net | 13,625,000 | 1,096,000 | ' | 12,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Historical cost in Woodbridge | ' | ' | ' | ' | ' | ' | 80,140,000 | ' | 85,491,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in additional paid-in capital | 13,337,000 | ' | ' | ' | ' | 13,337,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount funded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | 4,200,000 | 9,400,000 | ' | ' |
Assets and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,600,000 | ' | ' | ' | ' | ' | ' |
Consideration placed in escrow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,700,000 | ' | ' | ' | ' | ' | ' |
Acquisitions_Investment_In_Woo
Acquisitions (Investment In Woodbridge Under Equity Method) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Apr. 02, 2013 | Mar. 31, 2013 |
Woodbridge Holdings, LLC [Member] | Woodbridge Holdings, LLC [Member] | Woodbridge Holdings, LLC [Member] | Woodbridge Holdings, LLC [Member] | Woodbridge Holdings, LLC [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cash to Woodbridge | ' | $60,404 | ' | $60,404 | ' | ' | ' |
Notes payable Woodbridge | 11,750 | 11,750 | 11,750 | 11,750 | ' | ' | ' |
Increase in additional paid-in capital | ' | 13,337 | ' | 13,337 | ' | ' | ' |
Investments in Woodbridge - April 2,2013 | ' | ' | ' | ' | 80,140 | ' | 85,491 |
Equity earnings in Woodbridge | 8,183 | 11,625 | 8,183 | 11,625 | ' | ' | ' |
Dividends from Woodbridge | ' | 4,972 | -7,804 | -16,597 | ' | ' | ' |
Investments in Woodbridge Holdings, LLC | $80,519 | $80,519 | $80,519 | $80,519 | ' | $71,750 | ' |
Acquisitions_Statement_Of_Oper
Acquisitions (Statement Of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 02, 2013 |
Woodbridge Holdings, LLC [Member] | Woodbridge Holdings, LLC [Member] | Woodbridge Holdings, LLC [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $4,955 | $4,925 | $15,508 | $21,346 | $148,281 | $280,157 | ' |
Total costs and expenses | 5,423 | 15,829 | 28,799 | 53,781 | 115,420 | 230,801 | ' |
Other income | ' | ' | ' | ' | 388 | 746 | ' |
Income (loss) from continuing operations before income taxes | 7,715 | -10,904 | -1,666 | -32,435 | 33,249 | 50,102 | ' |
Provision (benefit) for income taxes | 20 | -12,512 | 20 | -12,511 | -11,532 | -17,072 | ' |
Income (loss) from continuing operations | 7,695 | 1,608 | -1,686 | -19,924 | 21,717 | 33,030 | ' |
(Loss) income from discontinued operations, net of taxes | ' | ' | ' | ' | -192 | -270 | ' |
Net income | ' | 290,227 | ' | 285,244 | 21,525 | 32,760 | ' |
Income from discontinued operations, Total | ' | 275,454 | ' | 270,471 | -3,735 | -7,487 | ' |
Net income (loss) | 7,695 | 277,062 | -1,686 | 250,547 | 17,790 | 25,273 | ' |
BBX Capital equity interest in Woodbridge | ' | ' | ' | ' | 46.00% | 46.00% | 46.00% |
Equity earnings in Woodbridge | $8,183 | ' | $11,625 | ' | $8,183 | $11,625 | ' |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
item | |
Discontinued Operations [Abstract] | ' |
Number of reporting units | 5 |
Discontinued_Operations_Schedu
Discontinued Operations (Schedule Of Discontinued Operations By Income Statement Account) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ||
Reversal of (provision for) loan losses | ($4,433) | $257 | ($3,502) | ($1,135) | ||
Loss from discontinued operations before provision for income taxes | ' | 290,227 | ' | 285,244 | ||
Provision for income taxes | ' | 14,773 | ' | 14,773 | ||
Income from discontinued operations, Total | ' | 275,454 | ' | 270,471 | ||
BB&T [Member] | ' | ' | ' | ' | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ||
Net interest income | ' | 5,235 | ' | 37,384 | ||
Reversal of (provision for) loan losses | ' | 1,865 | ' | 18,383 | ||
Net interest income after provision for loan losses | ' | 3,370 | ' | 19,001 | ||
Gain on sale of BankAtlantic | ' | 290,642 | ' | 290,642 | ||
Total non-interest income | ' | 4,978 | ' | 37,235 | ||
Total non-interest expense | ' | 8,763 | [1] | ' | 61,634 | [1] |
Loss from discontinued operations before provision for income taxes | ' | 290,227 | ' | 285,244 | ||
Provision for income taxes | ' | 14,773 | ' | 14,773 | ||
Income from discontinued operations, Total | ' | $275,454 | ' | $270,471 | ||
[1] | General corporate overhead was allocated to continuing operations. |
Variable_Interest_Entity_FAR_N
Variable Interest Entity - FAR (Narrative) (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |
item | |||
Variable Interest Entity [Line Items] | ' | ' | ' |
Preference amount | $285,000,000 | ' | ' |
BB&T preferred interest in FAR | 110,646,000 | 196,877,000 | 110,600,000 |
Principal balance of commercial loans serviced for FAR | 15,900,000 | ' | ' |
Principal balance of properties and equipment for FAR | 12,700,000 | ' | ' |
Principal balance of real estate owned serviced for FAR | 9,700,000 | ' | ' |
Number of managers on The Board | 4 | ' | ' |
Number of members elected by the Company | 2 | ' | ' |
Required approvals of an issue to pass | 3 | ' | ' |
Trust Preferred Securities | 285,000,000 | ' | ' |
Assets | 409,108,000 | 470,703,000 | 488,354,000 |
BB&T [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Period in which VIE assets are expected to be monetized | '7 years | ' | ' |
Number of members elected by the Company | 2 | ' | ' |
Florida Asset Resolution Group, LLC [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Trust Preferred Securities | 110,600,000 | ' | ' |
Percent of net cash flows received from monetization of assets | 5.00% | ' | ' |
Company's maximum loss exposure in VIE | 114,000,000 | ' | ' |
Assets | 79,000,000 | ' | ' |
Variable Interest Entity [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
Principal amount of TruPS | 285,400,000 | ' | ' |
Preferred membership interest | 95.00% | ' | ' |
BB&T preferred interest in FAR | 110,646,000 | 196,877,000 | ' |
Basis points per annum | 200 | ' | ' |
Incremental Guarantee | 35,000,000 | ' | ' |
Assets | 203,762,000 | 296,208,000 | ' |
Variable Interest Entity [Member] | Florida Asset Resolution Group, LLC [Member] | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' |
BB&T preferred interest in FAR | $110,600,000 | ' | ' |
Initial preferred membership interest | 5.00% | ' | ' |
Variable_Interest_Entity_FAR_C
Variable Interest Entity - FAR (Carrying amount of the assets and liabilities of FAR) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | ||
Variable Interest Entity [Line Items] | ' | ' | ' | ||
Loans held for sale | $16,150,000 | $24,748,000 | ' | ||
Loans receivable | 175,989,000 | 292,562,000 | ' | ||
Real estate owned | 88,125,000 | 82,161,000 | ' | ||
Property and equipment, net | 13,625,000 | 1,096,000 | ' | ||
Other assets | 9,353,000 | 7,263,000 | ' | ||
Total assets | 409,108,000 | 470,703,000 | 488,354,000 | ||
BB&T preferred interest in FAR | 110,646,000 | 196,877,000 | 110,600,000 | ||
Other liabilities | 24,271,000 | 23,201,000 | ' | ||
Total liabilities | 157,108,000 | 230,379,000 | ' | ||
Tax certificates, allowance | 600,000 | 3,600,000 | ' | ||
Variable Interest Entity [Member] | ' | ' | ' | ||
Variable Interest Entity [Line Items] | ' | ' | ' | ||
Cash and due from banks | 6,937,000 | 6,615,000 | ' | ||
Loans held for sale | 12,922,000 | 20,052,000 | ' | ||
Loans receivable | 129,052,000 | 242,506,000 | ' | ||
Real estate owned | 40,793,000 | 21,997,000 | ' | ||
Property and equipment, net | 12,669,000 | 0 | ' | ||
Other assets | 1,389,000 | [1] | 5,038,000 | [1] | ' |
Total assets | 203,762,000 | 296,208,000 | ' | ||
BB&T preferred interest in FAR | 110,646,000 | 196,877,000 | ' | ||
Other liabilities | 14,280,000 | 13,603,000 | ' | ||
Total liabilities | 124,926,000 | 210,480,000 | ' | ||
Tax certificates | $800,000 | $3,400,000 | ' | ||
[1] | Included in other assets as of September 30, 2013 and December 31, 2012 was $0.8 million and $3.4 million of tax certificates, net of allowance of $0.6 million and $3.6 million, respectively. |
Liquidity_Considerations_Detai
Liquidity Considerations (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 31, 2012 | Sep. 30, 2013 | Jul. 31, 2012 | Jul. 31, 2012 |
BBX Capital Corporation [Member] | BBX Capital Asset Management, LLC [Member] | BBX Capital Asset Management, LLC [Member] | Florida Asset Resolution Group, LLC [Member] | Florida Asset Resolution Group, LLC [Member] | BB&T [Member] | ||||
Liquidity Considerations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | $18,400,000 | ' | $82,000,000 | $6,900,000 | $50,000,000 | ' |
Current liabilities | ' | ' | ' | ' | 9,100,000 | ' | ' | ' | ' |
Preferred Membership Percentage | ' | ' | ' | ' | ' | ' | ' | 5.00% | 95.00% |
BB&T preferred interest in FAR | 110,646,000 | 196,877,000 | 110,600,000 | ' | ' | ' | ' | ' | ' |
Contributed investment amount | $80,519,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurement_Narrati
Fair Value Measurement (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Certificates of deposits included in interest-bearing deposits in other banks | 0.5 |
Maximum [Member] | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' |
Certificate of deposit maturity, period | '1 year |
Fair_Value_Measurement_Schedul
Fair Value Measurement (Schedule Of Fair Value Assets Measured On Nonrecurring Basis) (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | $85,879 | $113,545 | ||
Total Impairments | 7,777 | [1] | 10,268 | [2] |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | ' | ' | ||
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | ' | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | 85,879 | 113,545 | ||
Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | 24,154 | 60,492 | ||
Total Impairments | 4,565 | [1] | 4,869 | [2] |
Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | ' | ' | ||
Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | ' | ' | ||
Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | 24,154 | 60,492 | ||
Impaired Real Estate Owned [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | 48,803 | 36,494 | ||
Total Impairments | 2,287 | [1] | 4,302 | [2] |
Impaired Real Estate Owned [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | ' | ' | ||
Impaired Real Estate Owned [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | ' | ' | ||
Impaired Real Estate Owned [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | 48,803 | 36,494 | ||
Impaired Loans Held For Sale [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | 12,922 | 16,559 | ||
Total Impairments | 925 | [1] | 1,097 | [2] |
Impaired Loans Held For Sale [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | ' | ' | ||
Impaired Loans Held For Sale [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | ' | ' | ||
Impaired Loans Held For Sale [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total assets nonrecurring, by asset type | $12,922 | $16,559 | ||
[1] | Total impairments represent the amount of losses recognized during the nine months ended September 30, 2013 on assets that were held and measured at fair value on a non-recurring basis as of September 30, 2013. | |||
[2] | Total impairments represent the amount of losses recognized during the nine months ended September 30, 2012 on assets that were held and measured at fair value on a non-recurring basis as of September 30, 2012. |
Fair_Value_Measurement_Schedul1
Fair Value Measurement (Schedule Of Quantitative Fair Value Measurements) (Details) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | $85,879 | $113,545 | ||
Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | 24,154 | 60,492 | ||
Impaired Real Estate Owned [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | 48,803 | 36,494 | ||
Impaired Loans Held For Sale [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | 12,922 | 16,559 | ||
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | 85,879 | 113,545 | ||
Significant Unobservable Inputs (Level 3) [Member] | Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | 24,154 | 60,492 | ||
Valuation technique | 'Fair Value of Collateral | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | Impaired Real Estate Owned [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | 48,803 | 36,494 | ||
Valuation technique | 'Fair Value of Property | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans Held For Sale [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | 12,922 | 16,559 | ||
Valuation technique | 'Fair Value of Collateral | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | Minimum [Member] | Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | 100 | [1] | 300 | [1] |
Significant Unobservable Inputs (Level 3) [Member] | Minimum [Member] | Impaired Real Estate Owned [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | 100 | [1] | 100 | [1] |
Significant Unobservable Inputs (Level 3) [Member] | Minimum [Member] | Impaired Loans Held For Sale [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | 100 | [1] | 300 | [1] |
Significant Unobservable Inputs (Level 3) [Member] | Maximum [Member] | Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | 9,000 | [1] | 4,600 | [1] |
Significant Unobservable Inputs (Level 3) [Member] | Maximum [Member] | Impaired Real Estate Owned [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | 12,000 | [1] | 7,800 | [1] |
Significant Unobservable Inputs (Level 3) [Member] | Maximum [Member] | Impaired Loans Held For Sale [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | 2,200 | [1] | 4,300 | [1] |
Significant Unobservable Inputs (Level 3) [Member] | Weighted Average [Member] | Loans Measured For Impairment Using The Fair Value Of The Underlying Collateral [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | 400 | [1] | 3,400 | [1] |
Significant Unobservable Inputs (Level 3) [Member] | Weighted Average [Member] | Impaired Real Estate Owned [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | 1,900 | [1] | 2,600 | [1] |
Significant Unobservable Inputs (Level 3) [Member] | Weighted Average [Member] | Impaired Loans Held For Sale [Member] | ' | ' | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' | ||
Fair Value | $400 | [1] | $2,400 | [1] |
[1] | Average was computed by dividing the aggregate appraisal amounts by the number of appraisals. |
Fair_Value_Measurement_Schedul2
Fair Value Measurement (Schedule Of Financial Disclosures At Fair Value) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash and interest bearing deposits banks | $25,347 | $62,873 | ' |
Notes payable Woodbridge | 11,750 | ' | ' |
BB&T preferred interest in FAR | 110,646 | 196,877 | 110,600 |
Carrying Amount [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash and interest bearing deposits banks | 25,347 | 62,873 | ' |
Loans receivable including loans held for sale, net | 192,139 | 317,310 | ' |
Notes payable | 10,441 | 10,301 | ' |
Notes payable Woodbridge | 11,750 | ' | ' |
BB&T preferred interest in FAR | 110,646 | 196,877 | ' |
Fair Value [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash and interest bearing deposits banks | 25,347 | 62,873 | ' |
Loans receivable including loans held for sale, net | 208,736 | 316,075 | ' |
Notes payable | 11,585 | 10,301 | ' |
Notes payable Woodbridge | 11,414 | ' | ' |
BB&T preferred interest in FAR | 111,747 | 201,099 | ' |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Cash and interest bearing deposits banks | 25,347 | 62,873 | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Loans receivable including loans held for sale, net | 208,736 | 316,075 | ' |
Notes payable | 11,585 | 10,301 | ' |
Notes payable Woodbridge | 11,414 | ' | ' |
BB&T preferred interest in FAR | $111,747 | $201,099 | ' |
Loans_Receivable_Narrative_Det
Loans Receivable (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | Mar. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
loan | loan | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Small Business Real Estate [Member] | Small Business Real Estate [Member] | Consumer [Member] | Consumer [Member] | Residential-Amortizing [Member] | Residential-Amortizing [Member] | Small Business Non-Real Estate [Member] | Commercial Real Estate Residential [Member] | Commercial Real Estate Residential [Member] | Residential Interest Only Loans [Member] | Small Business [Member] | Small Business [Member] | |||
loan | loan | loan | loan | loan | loan | loan | loan | loan | |||||||||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans charged off subsequent to change in valuation of collateral dependent loans | ' | $66,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral Dependent Loans | 90,900,000 | ' | 90,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral Dependent Loans Measured For Impairment Using Current Appraisals | 87,500,000 | ' | 87,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral Dependent Loans Measured For Impairment Using Previous Appraisals | 3,400,000 | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateral Dependent Loans Measured For Impairment Using Previous Appraisals Adjustment | 800,000 | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number | 2 | ' | ' | ' | 2 | 2 | ' | ' | 2 | ' | 2 | ' | 1 | 1 | 1 | 1 | 2 | ' | ' |
Recorded Investment | ' | ' | 296,000 | ' | 22,100,000 | 22,100,000 | ' | 342,000 | ' | 47,000 | ' | 62,000 | 177,000 | 296,000 | 6,900,000 | 6,900,000 | 247,000 | ' | ' |
Number, subsequently defaulted | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Recorded Investment, subsequently defaulted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 177,000 | ' | ' | ' | ' | ' | ' |
Loans held for sale | $16,150,000 | ' | $16,150,000 | $24,748,000 | $3,200,000 | ' | $6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,900,000 | $18,800,000 |
Loans_Receivable_Composition_O
Loans Receivable (Composition Of Loan Portfolio) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | ||
In Thousands, unless otherwise specified | |||||
Composition Of Loans By Category [Line Items] | ' | ' | ' | ||
Gross loans, by category | $180,649 | $297,757 | $314,394 | ||
Premiums, discounts and net deferred fees | 132 | 116 | ' | ||
Allowance for loan losses | -4,792 | -5,311 | ' | ||
Loans receivable -- net | 175,989 | 292,562 | ' | ||
Loans held for sale | 16,150 | 24,748 | ' | ||
Commerical Non-Real Estate [Member] | ' | ' | ' | ||
Composition Of Loans By Category [Line Items] | ' | ' | ' | ||
Gross loans, by category | 10,350 | 12,006 | ' | ||
Commercial Real Estate Residential [Member] | ' | ' | ' | ||
Composition Of Loans By Category [Line Items] | ' | ' | ' | ||
Gross loans, by category | 40,091 | 62,523 | ' | ||
Commercial Real Estate Owner Other [Member] | ' | ' | ' | ||
Composition Of Loans By Category [Line Items] | ' | ' | ' | ||
Gross loans, by category | 70,776 | 151,524 | ' | ||
Consumer [Member] | ' | ' | ' | ||
Composition Of Loans By Category [Line Items] | ' | ' | ' | ||
Gross loans, by category | 13,963 | [1] | 16,907 | [2] | ' |
Residential-Interest Only [Member] | ' | ' | ' | ||
Composition Of Loans By Category [Line Items] | ' | ' | ' | ||
Gross loans, by category | 15,117 | 17,798 | ' | ||
Residential-Amortizing [Member] | ' | ' | ' | ||
Composition Of Loans By Category [Line Items] | ' | ' | ' | ||
Gross loans, by category | $30,352 | $36,999 | ' | ||
[1] | FICO scores for the majority of the portfolio were obtained during the third quarter of 2013. | ||||
[2] | FICO scores for the majority of the portfolio were obtained during the fourth quarter of 2012. |
Loans_Receivable_Recorded_Inve
Loans Receivable (Recorded Investment (Unpaid Principal Balance Less Charge-Offs And Deferred Fees) Of Non-Accrual Loans Receivable And Loans Held For Sale) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total recorded investment of non-accrual loans, by type | $139,347 | $195,794 |
Commerical Non-Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total recorded investment of non-accrual loans, by type | 3,331 | 3,362 |
Commercial Real Estate Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total recorded investment of non-accrual loans, by type | 39,080 | 60,937 |
Commercial Real Estate Owner Other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total recorded investment of non-accrual loans, by type | 50,967 | 79,014 |
Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total recorded investment of non-accrual loans, by type | 5,796 | 7,859 |
Residential-Interest Only [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total recorded investment of non-accrual loans, by type | 14,103 | 16,115 |
Residential-Amortizing [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total recorded investment of non-accrual loans, by type | $26,070 | $28,507 |
Loans_Receivable_Age_Analysis_
Loans Receivable (Age Analysis Of The Past Due Recorded Investment In Loans Receivable And Loans Held For Sale) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
31-59 Days Past Due | $6,171 | $5,311 | ||
60-89 Days Past Due | 2,067 | 9,603 | ||
90 Days or More | 94,292 | [1] | 135,430 | [2] |
Total Past Due | 102,530 | 150,344 | ||
Current | 78,119 | 147,413 | ||
Total Loans Receivable | 180,649 | 297,757 | ||
Commerical Non-Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
31-59 Days Past Due | ' | 2,411 | ||
60-89 Days Past Due | 1,063 | ' | ||
90 Days or More | 2,269 | [1] | 3,362 | [2] |
Total Past Due | 3,332 | 5,773 | ||
Current | 7,018 | 6,233 | ||
Total Loans Receivable | 10,350 | 12,006 | ||
Commercial Real Estate Residential [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
31-59 Days Past Due | 3,977 | 842 | ||
60-89 Days Past Due | ' | 1,716 | ||
90 Days or More | 25,831 | [1] | 50,634 | [2] |
Total Past Due | 29,808 | 53,192 | ||
Current | 10,283 | 9,331 | ||
Total Loans Receivable | 40,091 | 62,523 | ||
Commercial Real Estate Owner Other [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
60-89 Days Past Due | 323 | 5,843 | ||
90 Days or More | 26,676 | [1] | 30,102 | [2] |
Total Past Due | 26,999 | 35,945 | ||
Current | 43,777 | 115,579 | ||
Total Loans Receivable | 70,776 | 151,524 | ||
Consumer [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
31-59 Days Past Due | 634 | 677 | ||
60-89 Days Past Due | 504 | 524 | ||
90 Days or More | 5,123 | [1] | 7,165 | [2] |
Total Past Due | 6,261 | 8,366 | ||
Current | 7,702 | 8,541 | ||
Total Loans Receivable | 13,963 | 16,907 | ||
Residential-Interest Only [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
31-59 Days Past Due | 39 | 397 | ||
90 Days or More | 12,511 | [1] | 16,115 | [2] |
Total Past Due | 12,550 | 16,512 | ||
Current | 2,567 | 1,286 | ||
Total Loans Receivable | 15,117 | 17,798 | ||
Residential-Amortizing [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
31-59 Days Past Due | 1,521 | 984 | ||
60-89 Days Past Due | 177 | 1,520 | ||
90 Days or More | 21,882 | [1] | 28,052 | [2] |
Total Past Due | 23,580 | 30,556 | ||
Current | 6,772 | 6,443 | ||
Total Loans Receivable | $30,352 | $36,999 | ||
[1] | The Company had no loans that were past due greater than 90 days and still accruing interest as of September 30, 2013. | |||
[2] | The Company had no loans that were past due greater than 90 days and still accruing interest as of December 31, 2012. |
Loans_Receivable_Activity_In_T
Loans Receivable (Activity In The Allowance For Loan Losses By Portfolio) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | $5,244 | $7,153 | $5,311 | $129,887 | ' |
Charge-off: | -609 | -5,259 | -6,032 | -94,696 | ' |
Recoveries: | 4,590 | 4,308 | 9,015 | 8,957 | ' |
Provision: | -4,433 | 257 | -3,502 | -1,135 | ' |
Transfer to held for sale: | ' | ' | ' | -48,645 | ' |
Discontinued operations provision: | ' | 136 | ' | 12,227 | ' |
Ending balance / Total | 4,792 | 6,595 | 4,792 | 6,595 | ' |
Allowance for Loan Losses, Ending balance individually evaluated for impairment | 954 | 3,076 | 954 | 3,076 | ' |
Allowance for Loan Losses, Ending balance collectively evaluated for impairment | 3,838 | 3,519 | 3,838 | 3,519 | ' |
Loans receivable, Ending balance individually evaluated for impairment | 139,149 | 229,917 | 139,149 | 229,917 | ' |
Loans receivable, Ending balance collectively evaluated for impairment | 41,500 | 84,477 | 41,500 | 84,477 | ' |
Total | 180,649 | 314,394 | 180,649 | 314,394 | 297,757 |
Purchases of loans | ' | ' | 1,100 | ' | ' |
Proceeds from loan sales | ' | 19,069 | ' | 1,000 | ' |
Transfer to loans held for sale | ' | -14,185 | ' | 35,209 | ' |
Transfer from loans held for sale | 1,312 | ' | 1,312 | 14,185 | ' |
Commerical Non-Real Estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 1,384 | 800 | 1,735 | 16,407 | ' |
Charge-off: | ' | -1,376 | ' | -15,991 | ' |
Recoveries: | 53 | 421 | 308 | 861 | ' |
Provision: | 116 | 2,084 | -490 | 2,549 | ' |
Transfer to held for sale: | ' | ' | ' | -1,897 | ' |
Ending balance / Total | 1,553 | 1,929 | 1,553 | 1,929 | ' |
Allowance for Loan Losses, Ending balance individually evaluated for impairment | 954 | 1,490 | 954 | 1,490 | ' |
Allowance for Loan Losses, Ending balance collectively evaluated for impairment | 599 | 439 | 599 | 439 | ' |
Loans receivable, Ending balance individually evaluated for impairment | 3,332 | 6,620 | 3,332 | 6,620 | ' |
Loans receivable, Ending balance collectively evaluated for impairment | 7,018 | 5,115 | 7,018 | 5,115 | ' |
Total | 10,350 | 11,735 | 10,350 | 11,735 | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 972 | 4,383 | 1,869 | 67,054 | ' |
Charge-off: | -227 | -558 | -3,915 | -53,839 | ' |
Recoveries: | 3,596 | 2,992 | 5,743 | 4,623 | ' |
Provision: | -3,992 | -3,371 | -3,348 | -5,228 | ' |
Transfer to held for sale: | ' | ' | ' | -9,164 | ' |
Discontinued operations provision: | ' | 70 | ' | 70 | ' |
Ending balance / Total | 349 | 3,516 | 349 | 3,516 | ' |
Allowance for Loan Losses, Ending balance individually evaluated for impairment | ' | 1,586 | ' | 1,586 | ' |
Allowance for Loan Losses, Ending balance collectively evaluated for impairment | 349 | 1,930 | 349 | 1,930 | ' |
Loans receivable, Ending balance individually evaluated for impairment | 90,750 | 176,383 | 90,750 | 176,383 | ' |
Loans receivable, Ending balance collectively evaluated for impairment | 20,117 | 46,912 | 20,117 | 46,912 | ' |
Total | 110,867 | 223,295 | 110,867 | 223,295 | ' |
Purchases of loans | ' | ' | 1,100 | ' | ' |
Proceeds from loan sales | ' | ' | ' | 1,000 | ' |
Small Business [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | ' | 1,326 | ' | 7,168 | ' |
Charge-off: | ' | -1,619 | ' | -3,991 | ' |
Recoveries: | 73 | 155 | 189 | 425 | ' |
Provision: | -73 | 306 | -189 | 306 | ' |
Transfer to held for sale: | ' | ' | ' | -4,454 | ' |
Discontinued operations provision: | ' | -168 | ' | 546 | ' |
Proceeds from loan sales | ' | 19,069 | ' | ' | ' |
Transfer to loans held for sale | ' | ' | ' | 35,209 | ' |
Consumer [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 2,725 | 407 | 1,261 | 22,554 | ' |
Charge-off: | -241 | -615 | -1,528 | -8,028 | ' |
Recoveries: | 289 | 40 | 1,306 | 1,071 | ' |
Provision: | -225 | 896 | 1,509 | 896 | ' |
Transfer to held for sale: | ' | ' | ' | -20,639 | ' |
Discontinued operations provision: | ' | 63 | ' | 4,937 | ' |
Ending balance / Total | 2,548 | 791 | 2,548 | 791 | ' |
Allowance for Loan Losses, Ending balance collectively evaluated for impairment | 2,548 | 791 | 2,548 | 791 | ' |
Loans receivable, Ending balance individually evaluated for impairment | 4,921 | 8,010 | 4,921 | 8,010 | ' |
Loans receivable, Ending balance collectively evaluated for impairment | 9,042 | 10,938 | 9,042 | 10,938 | ' |
Total | 13,963 | 18,948 | 13,963 | 18,948 | ' |
Residential [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | 163 | 237 | 446 | 16,704 | ' |
Charge-off: | -141 | -1,091 | -589 | -12,847 | ' |
Recoveries: | 579 | 700 | 1,469 | 1,977 | ' |
Provision: | -259 | 342 | -984 | 342 | ' |
Transfer to held for sale: | ' | ' | ' | -12,491 | ' |
Discontinued operations provision: | ' | 171 | ' | 6,674 | ' |
Ending balance / Total | 342 | 359 | 342 | 359 | ' |
Allowance for Loan Losses, Ending balance collectively evaluated for impairment | 342 | 359 | 342 | 359 | ' |
Loans receivable, Ending balance individually evaluated for impairment | 40,146 | 38,904 | 40,146 | 38,904 | ' |
Loans receivable, Ending balance collectively evaluated for impairment | 5,323 | 21,512 | 5,323 | 21,512 | ' |
Total | 45,469 | 60,416 | 45,469 | 60,416 | ' |
Transfer to loans held for sale | ' | -14,185 | ' | ' | ' |
Transfer from loans held for sale | $1,312 | ' | $1,312 | $14,185 | ' |
Loans_Receivable_Impaired_Loan
Loans Receivable (Impaired Loans) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
With a related allowance recorded, Recorded Investment | $4,032 | $31,227 |
With a related allowance recorded, Unpaid Principal Balance | 7,559 | 44,653 |
With no related allowance recorded, Recorded Investment | 144,784 | 214,050 |
With no related allowance, Unpaid Principal Balance | 248,071 | 359,270 |
Recorded Investment, Total | 148,816 | 245,277 |
Unpaid Principal Balance, Total | 255,630 | 403,923 |
Related Allowance | 1,984 | 1,621 |
Commerical Non-Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With a related allowance recorded, Recorded Investment | 3,002 | 3,032 |
With a related allowance recorded, Unpaid Principal Balance | 4,474 | 3,287 |
With no related allowance recorded, Recorded Investment | 330 | 330 |
With no related allowance, Unpaid Principal Balance | 635 | 634 |
Recorded Investment, Total | 3,332 | 3,362 |
Unpaid Principal Balance, Total | 5,109 | 3,921 |
Related Allowance | 954 | 784 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, Total | 90,750 | 177,548 |
Unpaid Principal Balance, Total | 165,186 | 301,873 |
Related Allowance | ' | 837 |
Commercial Real Estate Residential [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With a related allowance recorded, Recorded Investment | ' | 637 |
With a related allowance recorded, Unpaid Principal Balance | ' | 2,172 |
With no related allowance recorded, Recorded Investment | 39,080 | 64,684 |
With no related allowance, Unpaid Principal Balance | 83,998 | 141,842 |
Related Allowance | ' | 1 |
Commercial Real Estate Owner Other [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With a related allowance recorded, Recorded Investment | ' | 27,558 |
With a related allowance recorded, Unpaid Principal Balance | ' | 39,194 |
With no related allowance recorded, Recorded Investment | 51,670 | 84,669 |
With no related allowance, Unpaid Principal Balance | 81,188 | 118,665 |
Related Allowance | ' | 836 |
Consumer [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With a related allowance recorded, Recorded Investment | 1,030 | ' |
With a related allowance recorded, Unpaid Principal Balance | 3,085 | ' |
With no related allowance recorded, Recorded Investment | 12,098 | 16,050 |
With no related allowance, Unpaid Principal Balance | 14,931 | 20,501 |
Recorded Investment, Total | 13,128 | 16,050 |
Unpaid Principal Balance, Total | 18,016 | 20,501 |
Related Allowance | 1,030 | ' |
Residential [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Recorded Investment, Total | 41,606 | 48,317 |
Unpaid Principal Balance, Total | 67,319 | 77,628 |
Residential-Interest Only [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, Recorded Investment | 14,103 | 16,421 |
With no related allowance, Unpaid Principal Balance | 24,779 | 28,808 |
Residential-Amortizing [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance recorded, Recorded Investment | 27,503 | 31,896 |
With no related allowance, Unpaid Principal Balance | $42,540 | $48,820 |
Loans_Receivable_Average_Recor
Loans Receivable (Average Recorded Investment And Interest Income Recognized On Impaired Loans) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
With an allowance recorded, Average Recorded Investment | $4,189 | $35,472 | $20,472 | $37,374 |
With an allowance recorded, Interest Income Recognized | 5 | 221 | 439 | 826 |
With no related allowance recorded, Average Recorded Investment | 145,877 | 246,725 | 168,533 | 266,918 |
With no related allowance recorded, Interest Income Recognized | 1,193 | 936 | 2,582 | 2,631 |
Average Recorded Investment, Total | 150,066 | 282,197 | 189,005 | 304,292 |
Interest Income Recognized, Total | 1,198 | 1,157 | 3,021 | 3,457 |
Commerical Non-Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
With an allowance recorded, Average Recorded Investment | 3,003 | 4,339 | 3,019 | 4,387 |
With an allowance recorded, Interest Income Recognized | 5 | ' | 89 | 29 |
With no related allowance recorded, Average Recorded Investment | 330 | 2,558 | 330 | 2,185 |
With no related allowance recorded, Interest Income Recognized | ' | ' | ' | 108 |
Average Recorded Investment, Total | 3,333 | 6,897 | 3,349 | 6,572 |
Interest Income Recognized, Total | 5 | ' | 89 | 137 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Recorded Investment, Total | 91,789 | 191,661 | 127,313 | 210,727 |
Interest Income Recognized, Total | 921 | 931 | 2,257 | 2,639 |
Commercial Real Estate Residential [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
With an allowance recorded, Average Recorded Investment | ' | 11,145 | ' | 12,991 |
With an allowance recorded, Interest Income Recognized | ' | ' | ' | 139 |
With no related allowance recorded, Average Recorded Investment | 39,734 | 51,791 | 41,556 | 59,559 |
With no related allowance recorded, Interest Income Recognized | 608 | 124 | 921 | 434 |
Commercial Real Estate Owner Other [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
With an allowance recorded, Average Recorded Investment | ' | 19,988 | 16,384 | 19,996 |
With an allowance recorded, Interest Income Recognized | ' | 221 | 350 | 658 |
With no related allowance recorded, Average Recorded Investment | 52,055 | 108,737 | 69,373 | 118,181 |
With no related allowance recorded, Interest Income Recognized | 313 | 586 | 986 | 1,408 |
Small Business [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Recorded Investment, Total | ' | 9,184 | ' | 9,439 |
Interest Income Recognized, Total | ' | 123 | ' | 376 |
Small Business Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
With no related allowance recorded, Average Recorded Investment | ' | 6,905 | ' | 6,995 |
With no related allowance recorded, Interest Income Recognized | ' | 96 | ' | 290 |
Small Business Non-Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
With no related allowance recorded, Average Recorded Investment | ' | 2,279 | ' | 2,444 |
With no related allowance recorded, Interest Income Recognized | ' | 27 | ' | 86 |
Consumer [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
With an allowance recorded, Average Recorded Investment | 1,186 | ' | 1,069 | ' |
With no related allowance recorded, Average Recorded Investment | 12,102 | 17,921 | 13,388 | 18,358 |
With no related allowance recorded, Interest Income Recognized | 71 | 75 | 213 | 223 |
Average Recorded Investment, Total | 13,288 | 17,921 | 14,457 | 18,358 |
Interest Income Recognized, Total | 71 | 75 | 213 | 223 |
Residential [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Average Recorded Investment, Total | 41,656 | 56,534 | 43,886 | 59,196 |
Interest Income Recognized, Total | 201 | 28 | 462 | 82 |
Residential-Interest Only [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
With no related allowance recorded, Average Recorded Investment | 14,106 | 20,992 | 14,784 | 21,841 |
With no related allowance recorded, Interest Income Recognized | 31 | ' | 59 | ' |
Residential-Amortizing [Member] | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
With no related allowance recorded, Average Recorded Investment | 27,550 | 35,542 | 29,102 | 37,355 |
With no related allowance recorded, Interest Income Recognized | $170 | $28 | $403 | $82 |
Loans_Receivable_Schedule_Of_A
Loans Receivable (Schedule Of Accruing And Non-accruing Commercial Loans) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Nonaccruingl | $139,347 | $195,794 | ' |
Total | 180,649 | 297,757 | 314,394 |
Commerical Non-Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Accruing | 7,019 | 8,644 | ' |
Nonaccruingl | 3,331 | 3,362 | ' |
Total | 10,350 | 12,006 | ' |
Commercial Real Estate Residential [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Accruing | 1,011 | 1,586 | ' |
Nonaccruingl | 39,080 | 60,937 | ' |
Total | 40,091 | 62,523 | ' |
Commercial Real Estate Owner Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Accruing | 19,809 | 72,510 | ' |
Nonaccruingl | 50,967 | 79,014 | ' |
Total | $70,776 | $151,524 | ' |
Loans_Recievable_Loan_To_Value
Loans Recievable (Loan To Value Ratios Of Residential Loans) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Less Than Or Equal To 60% [Member] | Maximum [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Percentage of loan to value ratio | 60.00% | ' | ||
60.1% - 70% [Member] | Minimum [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Percentage of loan to value ratio | 60.10% | ' | ||
60.1% - 70% [Member] | Maximum [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Percentage of loan to value ratio | 70.00% | ' | ||
70.1% - 80% [Member] | Minimum [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Percentage of loan to value ratio | 70.10% | ' | ||
70.1% - 80% [Member] | Maximum [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Percentage of loan to value ratio | 80.00% | ' | ||
80.1% - 90% [Member] | Minimum [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Percentage of loan to value ratio | 80.10% | ' | ||
80.1% - 90% [Member] | Maximum [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Percentage of loan to value ratio | 90.00% | ' | ||
More Than 90% [Member] | Minimum [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Percentage of loan to value ratio | 90.00% | ' | ||
Residential-Interest Only [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Gross loans, by loan to value ratio as of the loan origination date | $15,117 | [1] | $17,798 | [2] |
Residential-Interest Only [Member] | Less Than Or Equal To 60% [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Gross loans, by loan to value ratio as of the loan origination date | 412 | [1] | 413 | [2] |
Residential-Interest Only [Member] | 60.1% - 70% [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Gross loans, by loan to value ratio as of the loan origination date | 392 | [1] | 945 | [2] |
Residential-Interest Only [Member] | 70.1% - 80% [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Gross loans, by loan to value ratio as of the loan origination date | 1,247 | [1] | 1,082 | [2] |
Residential-Interest Only [Member] | 80.1% - 90% [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Gross loans, by loan to value ratio as of the loan origination date | 2,623 | [1] | 1,584 | [2] |
Residential-Interest Only [Member] | More Than 90% [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Gross loans, by loan to value ratio as of the loan origination date | 10,443 | [1] | 13,774 | [2] |
Residential-Amortizing [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Gross loans, by loan to value ratio as of the loan origination date | 30,352 | [1] | 36,999 | [2] |
Residential-Amortizing [Member] | Less Than Or Equal To 60% [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Gross loans, by loan to value ratio as of the loan origination date | 8,436 | [1] | 6,762 | [2] |
Residential-Amortizing [Member] | 60.1% - 70% [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Gross loans, by loan to value ratio as of the loan origination date | 2,940 | [1] | 1,922 | [2] |
Residential-Amortizing [Member] | 70.1% - 80% [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Gross loans, by loan to value ratio as of the loan origination date | 4,292 | [1] | 4,044 | [2] |
Residential-Amortizing [Member] | 80.1% - 90% [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Gross loans, by loan to value ratio as of the loan origination date | 4,557 | [1] | 5,300 | [2] |
Residential-Amortizing [Member] | More Than 90% [Member] | ' | ' | ||
Loan To Value Ratio Of Residential Loan [Line Items] | ' | ' | ||
Gross loans, by loan to value ratio as of the loan origination date | $10,127 | [1] | $18,971 | [2] |
[1] | Loan-to-value ratios for the majority of the portfolio were obtained during the second quarter of 2013 based on broker price opinions. | |||
[2] | Loan-to-value ratios for the majority of the portfolio were obtained during the fourth quarter of 2012 based on broker price opinions. |
Loans_Receivable_Credit_Qualit
Loans Receivable (Credit Quality Of Consumer Loans Utilizing FICO Scores) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | ||
In Thousands, unless otherwise specified | |||||
Composition Of Loans By Category [Line Items] | ' | ' | ' | ||
Loans receivable, Total | $180,649 | $297,757 | $314,394 | ||
Consumer [Member] | ' | ' | ' | ||
Composition Of Loans By Category [Line Items] | ' | ' | ' | ||
Loans receivable, Total | 13,963 | [1] | 16,907 | [2] | ' |
Unavailable [Member] | Consumer [Member] | ' | ' | ' | ||
Composition Of Loans By Category [Line Items] | ' | ' | ' | ||
Loans receivable, Total | 349 | [1] | 233 | [2] | ' |
Less than 500 [Member] | Consumer [Member] | ' | ' | ' | ||
Composition Of Loans By Category [Line Items] | ' | ' | ' | ||
Loans receivable, Total | 919 | [1] | 449 | [2] | ' |
500-619 [Member] | Consumer [Member] | ' | ' | ' | ||
Composition Of Loans By Category [Line Items] | ' | ' | ' | ||
Loans receivable, Total | 8,344 | [1] | 10,241 | [2] | ' |
620-679 [Member] | Consumer [Member] | ' | ' | ' | ||
Composition Of Loans By Category [Line Items] | ' | ' | ' | ||
Loans receivable, Total | 2,834 | [1] | 2,531 | [2] | ' |
Greater than 679 [Member] | Consumer [Member] | ' | ' | ' | ||
Composition Of Loans By Category [Line Items] | ' | ' | ' | ||
Loans receivable, Total | $1,517 | [1] | $3,453 | [2] | ' |
[1] | FICO scores for the majority of the portfolio were obtained during the third quarter of 2013. | ||||
[2] | FICO scores for the majority of the portfolio were obtained during the fourth quarter of 2012. |
Related_Parties_Narrative_Deta
Related Parties (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Apr. 02, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 02, 2013 | Dec. 31, 2010 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | |
BFC Financial Corporation [Member] | Woodbridge Holdings, LLC [Member] | Woodbridge Holdings, LLC [Member] | Woodbridge Holdings, LLC [Member] | Restricted Class A Common Stock Awards [Member] | Renin Corp [Member] | Renin Corp [Member] | Renin Corp [Member] | Renin Corp [Member] | Renin Corp [Member] | |||||
BFC Financial Corporation [Member] | BFC Financial Corporation [Member] | BBX Capital Asset Management, LLC [Member] | BBX Capital Asset Management, LLC [Member] | |||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation, paid per month for advisory fees | ' | ' | $12,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of fee, based on net recoveries | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advisory fees pad for recoveries on loans | ' | 25,000 | ' | 260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares granted to employees | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' |
Vesting period for Class A shares | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' |
Options and restricted stock expenses | 55,000 | 2,000 | 136,000 | 19,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable Woodbridge | 11,750,000 | ' | 11,750,000 | ' | ' | ' | ' | 11,750,000 | ' | ' | ' | ' | ' | ' |
Interest expense, Woodbridge note payable | ' | ' | ' | ' | ' | 147,000 | 294,000 | ' | ' | ' | ' | ' | ' | ' |
Conversion of shares BFC common stock for BBX Capital common stock | ' | ' | 5.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity interest | ' | ' | ' | ' | 54.00% | ' | ' | 46.00% | ' | 19.00% | ' | ' | 81.00% | ' |
Assets and liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,600,000 | ' | ' | ' |
Amount funded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | $4,200,000 |
Related_Parties_Schedule_Of_Se
Related Parties (Schedule Of Service Arrangements With Related Parties) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Related Parties [Abstract] | ' | ' | ' | ' |
Other revenues | $104,000 | $25,000 | $322,000 | $205,000 |
Employee compensation and benefits | -55,000 | -2,000 | -136,000 | -19,000 |
Other- back- office support | -48,000 | -80,000 | -139,000 | -884,000 |
Net effect of affiliate transactions before income taxes | $1,000 | ($57,000) | $47,000 | ($698,000) |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
segment | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Number of reporting segments | ' | ' | 2 | ' | ' |
Interest income | $2,541 | $4,236 | $7,959 | $19,858 | ' |
Net (losses) gains on sales of assets | 912 | 492 | 5,162 | 956 | ' |
Other revenues | 1,502 | 155 | 2,387 | 251 | ' |
Other revenues | ' | 197 | ' | 532 | ' |
BB&T's priority return in FAR distributions | -783 | -1,040 | -2,702 | -1,040 | ' |
Interest expense | -336 | -1,402 | -839 | -9,695 | ' |
Reversal (provisions) for loan losses | 4,433 | -257 | 3,502 | 1,135 | ' |
Asset impairments | 73 | -1,649 | -5,069 | -4,477 | ' |
Other expenses | -8,810 | -11,481 | 23,691 | -39,704 | ' |
Equity earnings in Woodbridge | 8,183 | ' | 11,625 | ' | ' |
Segments income (loss) before income taxes | 7,715 | -10,904 | -1,666 | -32,435 | ' |
Provision for income tax | 20 | -12,512 | 20 | -12,511 | ' |
Net income (loss) | 7,695 | 1,608 | -1,686 | -19,924 | ' |
Total assets | 409,108 | 488,354 | 409,108 | 488,354 | 470,703 |
Equity method investments included in total assets | 80,519 | ' | 80,519 | ' | ' |
Expenditures for segment assets | 55 | ' | 76 | ' | ' |
Depreciation and amortization | 164 | ' | 380 | ' | ' |
BBX Capital Corporation [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest income | 97 | 2,270 | 623 | 17,892 | ' |
Net (losses) gains on sales of assets | -253 | 164 | 3,645 | 628 | ' |
Other revenues | 171 | ' | 928 | ' | ' |
Other revenues | ' | 252 | ' | 587 | ' |
Interest expense | -336 | -1,402 | -839 | -9,695 | ' |
Reversal (provisions) for loan losses | 538 | -1,324 | 1,987 | 68 | ' |
Asset impairments | 695 | -1,083 | -222 | -3,911 | ' |
Other expenses | -6,355 | -10,801 | 17,275 | -39,024 | ' |
Equity earnings in Woodbridge | 8,183 | ' | 11,625 | ' | ' |
Segments income (loss) before income taxes | 2,740 | -11,924 | 472 | -33,455 | ' |
Provision for income tax | ' | -12,904 | ' | -12,903 | ' |
Net income (loss) | 2,740 | 980 | 472 | -20,552 | ' |
Total assets | 438,709 | 422,513 | 438,709 | 422,513 | ' |
Equity method investments included in total assets | 80,519 | ' | 80,519 | ' | ' |
Expenditures for segment assets | 3 | ' | 24 | ' | ' |
Depreciation and amortization | 55 | ' | 163 | ' | ' |
Florida Asset Resolution Group, LLC [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Interest income | 2,444 | 1,966 | 7,336 | 1,966 | ' |
Net (losses) gains on sales of assets | 1,165 | 328 | 1,517 | 328 | ' |
Other revenues | 1,372 | ' | 1,601 | ' | ' |
BB&T's priority return in FAR distributions | -824 | -1,095 | -2,844 | -1,095 | ' |
Reversal (provisions) for loan losses | 3,895 | 1,067 | 1,515 | 1,067 | ' |
Asset impairments | -622 | -566 | -4,847 | -566 | ' |
Other expenses | -2,455 | -680 | 6,416 | -680 | ' |
Segments income (loss) before income taxes | 4,975 | 1,020 | -2,138 | 1,020 | ' |
Provision for income tax | 20 | 392 | 20 | 392 | ' |
Net income (loss) | 4,955 | 628 | -2,158 | 628 | ' |
Total assets | 203,762 | 316,287 | 203,762 | 316,287 | ' |
Expenditures for segment assets | 52 | ' | 52 | ' | ' |
Depreciation and amortization | 109 | ' | 217 | ' | ' |
Adjusting And Elimination Entries [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Other revenues | -41 | ' | -142 | ' | ' |
Other revenues | ' | -55 | ' | -55 | ' |
BB&T's priority return in FAR distributions | 41 | 55 | 142 | 55 | ' |
Total assets | ($233,363) | ($250,446) | ($233,363) | ($250,446) | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Details) (Maximum [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Maximum [Member] | ' |
Commitments And Contingencies [Line Items] | ' |
Range of possible losses in excess of accrued liability relating to legal matters | $4.40 |